The Legislative Reform (Consumer Credit) Order 2008
This Order amends the Consumer Credit Act 1974 (“the 1974 Act”). Article 3 inserts a new section 16C into the 1974 Act. This creates a new exemption from regulation under the 1974 Act for certain consumer credit agreements. To qualify sums due under the agreement must be secured by a land mortgage and less than 40% of the land must be used or intended to be used as or in connection with a dwelling by the debtor or a person connected with the debtor. Where the debtors are trustees less than 40% of the land must be used by the beneficiary of the trust or a person connected with that beneficiary.