Related provisions for MCOB 1.2.19

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10A contract is excluded from the definition of regulated mortgage contract if, at the time is entered into, it meets the following conditions:(1) it provides for credit to be granted by a ‘housing authority’ within the meaning of article 60E of the Regulated Activities Order. The definition in article 60E includes housing associations registered under the relevant housing legislation (see PERG 2.7.19FAG);(2) if entered into on or after 21 March 2016:(a) it is an agreement an
(1) This paragraph lists the regulated mortgage contracts outside the MCD.(2) MCD exempt lifetime mortgages are excluded from the Mortgage Credit Directive. These are regulated mortgage contracts or article 3(1)(b) credit agreements where the creditor:(a) contributes a lump sum, periodic payments or other forms of credit disbursement; (b) contributes the sums in (a) in return for a sum deriving from the future sale of a residential property or a right relating to residential property;
15A credit agreement is also an exempt agreement17 in the following cases:(1) if it is a borrower-lender agreement, the lender is a credit union and the rate of the total charge for credit (see CONC App 1) does not exceed 42.6 per cent provided that:41(a) the agreement is not an article 3(1)(b) credit agreement; or4135(b) the agreement is an article 3(1)(b) credit agreement but:4135(i) the agreement is of a kind to which section 423A(3) of the Act applies 35(see PERG 4.10A.5G(1)