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Change 1
As published
60 Form and content of agreements.
(1) The Treasury shall make regulations as to the form and content of documents embodying regulated agreements, other than regulated deferred payment credit agreements, and the regulations shall contain such provisions as appear to them appropriate with a view to ensuring that the debtor or hirer is made aware of—
(a) the rights and duties conferred or imposed on him by the agreement,
(b) the amount and rate of the total charge for credit (in the case of a consumer credit agreement),
(c) the protection and remedies available to him under this Act, and
(d) any other matters which, in the opinion of the Treasury, it is desirable for him to know about in connection with the agreement.
(2) Regulations under subsection (1) may in particular—
(a) require specified information to be included in the prescribed manner in documents, and other specified material to be excluded;
(b) contain requirements to ensure that specified information is clearly brought to the attention of the debtor or hirer, and that one part of a document is not given insufficient or excessive prominence compared with another.
(3) If, on an application made to the FCA by a person carrying on a consumer credit business or a consumer hire business, it appears to the FCA impracticable for the applicant to comply with any requirement of regulations under subsection (1) in a particular case, it may, by notice to the applicant direct that the requirement be waived or varied in relation to such agreements, and subject to such conditions (if any), as it may specify, and this Act and the regulations shall have effect accordingly.
(4) The FCA shall give a notice under subsection (3) only if it is satisfied that to do so would not prejudice the interests of debtors or hirers.
(5) An application may be made under subsection (3) only if it relates to—
(a) a consumer credit agreement secured on land,
(b) a consumer credit agreement under which a person takes an article in pawn,
(c) a consumer credit agreement under which the creditor provides the debtor with credit which exceeds £60,260 and which is not a residential renovation agreement ,
(d) a consumer credit agreement entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by him, or
(e) a consumer hire agreement.
(6) Article 60C(5) and (6) of the Regulated Activities Order applies for the purposes of subsection (5)(d).
Your change, as a redline
60 Form and content of agreements.
(1) The Treasury shall make regulations as to the form and content of documents embodying regulated agreements, other than regulated deferred payment credit agreements, and the regulations shall contain such provisions as appear to them appropriate with a view to ensuring that the debtor or hirer is made aware of—
(a) the rights and duties conferred or imposed on him by the agreement,
(b) the amount and rate of the total charge for credit (in the case of a consumer credit agreement),
(c) the protection and remedies available to him under this Act, and
(d) any other matters which, in the opinion of the Treasury, it is desirable for him to know about in connection with the agreement.
(2) Regulations under subsection (1) may in particular—
(a) require specified information to be included in the prescribed manner in documents, and other specified material to be excluded;
(b) contain requirements to ensure that specified information is clearly brought to the attention of the debtor or hirer, and that one part of a document is not given insufficient or excessive prominence compared with another.
(3) If, on an application made to the FCA by a person carrying on a consumer credit business or a consumer hire business, it appears to the FCA impracticable for the applicant to comply with any requirement of regulations under subsection (1) in a particular case, it may, by notice to the applicant direct that the requirement be waived or varied in relation to such agreements, and subject to such conditions (if any), as it may specify, and this Act and the regulations shall have effect accordingly.
(4) The FCA shall give a notice under subsection (3) only if it is satisfied that to do so would not prejudice the interests of debtors or hirers.
(5) An application may be made under subsection (3) only if it relates to—
(a) a consumer credit agreement secured on land,
(b) a consumer credit agreement under which a person takes an article in pawn,
(c) a consumer credit agreement under which the creditor provides the debtor with credit which exceeds £60,260 and which is not a residential renovation agreement ,
(d) a consumer credit agreement entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by him, or
(e) a consumer hire agreement.
(6) Article 60C(5) and (6) of the Regulated Activities Order applies for the purposes of subsection (5)(d).
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