15. Dezember 2020
(c) the agreement is to finance a premium from a full-fledged life insurance contract which, in the event of the death of the person whose life is made before the payment of the credit covered in point b); payment of an amount not exceeding the amount sufficient to cover the amount payable immediately after the transfer of credit to the lender for that credit (including interest payable under this agreement) that the lender would have to pay under existing agreements between the lender and another person („provider“) than the borrower, knowing that the loan must be used to finance a transaction between the borrower and the supplier; (a) a credit contract does not fall within the definition if the credit is actually granted in such a way that the borrower is free to use it at the borrower`s choice, even if some uses would be contrary to that agreement or others; and the term „regulated agreement“ within the meaning of CCA 1974, s 189 covers both regulated credit contracts and regulated consumer leases. This practice note outlines the concepts of „credit“ and regulated credit contracts, as well as the types of credit contracts that are „regulated credit contracts“ and therefore are regulated. Regulated consumer leases are not taken into account. There are certain formalities of entry into a regulated agreement, which are most often based on the documents to be provided. In accordance with Section 60, the Secretary of State is required to adopt certain provisions that cover the format that contracts are required to adopt. These regulations must ensure that the debtor is informed of the rights and/or obligations conferred on him by the agreement, the amount and rate of the total tax on credits, the protection and remedies available to him, as well as any „other matters that the Secretary of State feels he must entrust to him as part of the agreement.“ The law allows the Director General of Fair Trade to waive certain requirements when it appears, when applying a consumer credit transaction, that their application would be unfeasible.  The loan is granted to the borrower as part of a transaction carried out by the borrower.