Credit Guarantee Act 2012

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Withdrawal of guarantee by Minister.

9.— (1) Where a participating lender fails or refuses to comply with the terms of a credit guarantee scheme, the Minister may withdraw any guarantee given by him or her in respect of any qualifying loan agreement to which that participating lender is a party.

(2) Any term of a loan agreement that permits a participating lender to—

(a) alter a term or condition of such agreement upon the withdrawal of a guarantee in accordance with subsection (1), or

(b) impose less favourable terms and conditions on the participating borrower upon the withdrawal of a guarantee in accordance with subsection (1),

shall be null and void.