Consumer Credit Act 1974
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Change 1
58 Opportunity for withdrawal from prospective land mortgage.
(1) Before sending to the debtor or hirer, for his signature, an unexecuted agreement in a case where the prospective regulated agreement is to be secured on land (the “mortgaged land ”), the creditor or owner shall give the debtor or hirer a copy of the unexecuted agreement which contains a notice in the prescribed form indicating the right of the debtor or hirer to withdraw from the prospective agreement, and how and when the right is exercisable, together with a copy of any other document referred to in the unexecuted agreement. (2) Subsection (1) does not apply to— (a) a restricted-use credit agreement to finance the purchase of the mortgaged land, or (b) an agreement for a bridging loan in connection with the purchase of the mortgaged land or other land.
58 Opportunity for withdrawal from prospective land mortgage.
(1) Before sending to the debtor or hirer, for his signature, an unexecuted agreement in a case where the prospective regulated agreement is to be secured on land (the “mortgaged land ”), the creditor or owner shall give the debtor or hirer a copy of the unexecuted agreement which contains a notice in the prescribed form indicating the right of the debtor or hirer to withdraw from the prospective agreement, and how and when the right is exercisable, together with a copy of any other document referred to in the unexecuted agreement. (2) Subsection (1) does not apply to— (a) a restricted-use credit agreement to finance the purchase of the mortgaged land, or (b) an agreement for a bridging loan in connection with the purchase of the mortgaged land or other land.
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