Related provisions for PERG 4.4.28
1 - 10 of 10 items.
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 is a bridging loan described in PERG 4.13.6G;(2) it is secured by an equitable mortgage on land; and(3) it is an exempt agreement within the meaning of article 60B(3) (regulated credit agreements) of the Regulated Activities Order by virtue of article 60E(2): in summary, the lender is a local authority, or the agreement is specified
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 of
In accordance with article 61(3)(a) of the Regulated Activities Order, a regulated mortgage contract is a contract which, at the time it is entered into, satisfies the following conditions:(1) the contract is one where the lender provides credit to an individual or trustees (the "borrower");(2) the obligation of the borrower to repay is secured by a mortgage on land in the EEA;12 and12(3) at least 40% of that land is used, or is intended to be used, as or in connection with a
1There are exclusions that apply, in relation to each of the regulated mortgage activities and to advising on regulated credit agreements for the acquisition of land,6 if the person carrying on the activity is a local authority or a wholly owned subsidiary of a local authority. They can be found in article 72G of the Regulated Activities Order, but only apply where:63(a) the relevant agreement was entered into before 21 March 2016; or6(b) the relevant agreement is entered into
(1) 12Subject to (2), (3) and (4),15 the exclusions apply, in relation to any activity carried on by a local authority.15(2) The exclusion relating to the regulated activities of:(a) dealing in investments as agents;(b) arranging (bringing about) deals in investments;(c) making arrangements with a view to transactions in investments;(d) assisting in the administration and performance of a contract of insurance; and(e) advising on investments;applies to any activity carried on