(1) The Bank may exempt a person for the purposes of paragraph (e) of the definition of 'retail credit firm' in section 28(1) if, in the opinion of the Bank -
(a) the total amount or value of the relevant activities that are to be carried out by the person is such that it is reasonable to assume that the borrower or hirer, as the case may be, will be in a position to negotiate on equal terms or to obtain appropriate legal and financial advice, or
(b) the person is one who, under section 8(2) of the Central Bank Act 1971, is exempted, or is a member of a class of persons that is exempted, from being required to hold a banking licence, or
(c) the person is one who carries out relevant activities solely for charitable or public purposes and at a rate of interest or on other terms more favourable than those that are currently available commercially,
and the exemption would not be inconsistent with the proper and orderly regulation of relevant activities and the protection of customers of r
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