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Consumer credit (2)

Richard Lawson concludes his series on the EC’s consumer credit proposals and their effect on UK legislation

13 December 2002

The contents of credit agreements are governed by the Consumer Credit (Agreeements) Regulations 1983 (SI no 1553). The EU proposals add to the current requirements in a number of ways (see last week’s article). Total lending rate (TLR) The TLR must be given in the credit agreement. TLR refers to the sums levied by the creditor expressed as an annual percentage of the total amount of credit. The ‘total amount of credit’ is the ceiling or the sum of all drawdowns likely to be agreed. The TLR concept is presently unknown in the UK regime. The following shall be excluded from the sums levied by the creditor for the purposes of calculating the TLR: (a) Costs associated with ancillary services relating to the credit agreement, which the consumer is free to obtain from the creditor or any other provider; (b) Costs payable by the consumer on the conclusion of the credit agreement to persons other than the creditor, in particular ‘the notary, tax authorities, re...

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