Markets in Financial Instruments Act 2018
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PART 3 Amendment of Enactments concerning Credit Reporting and Financial Services and Pensions Ombudsman | ||
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Amendment of section 2 of Credit Reporting Act 2013 | ||
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8. Section 2 of the Credit Reporting Act 2013 is amended— | ||
(a) in the definition of “credit” in subsection (1), by the substitution of the following for paragraph (f): | ||
“(f) in the form of trade credit, or”, | ||
and | ||
(b) by the insertion of the following after subsection (1): | ||
“(1A) For the purposes of paragraph (f) of the definition of ‘credit’ in subsection (1), a loan, deferred payment or other form of financial accommodation (the ‘relevant credit’) is provided in the form of trade credit if the following conditions are satisfied— | ||
(a) in the case of both the person (the ‘first-mentioned person’) by whom, and the person to whom, the relevant credit is provided, each is acting in the course of his or her business, trade or profession, | ||
(b) the first-mentioned person is not a regulated financial services provider, | ||
(c) the terms of the relevant credit provide for repayment, whether in instalments or as a single amount, of the whole of the credit by a date that is not later than 6 months after the date of its provision, and | ||
(d) the purpose of the relevant credit is to facilitate the purchase of goods or services from the first-mentioned person.”. |