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  • CM-8.3 CM-8.3 Definition of Consumer Finance

    • CM-8.3.1

      Consumer finance is the provision of any form of credit facility to an individual excluding:

      (a) any loan secured by a first charge on residential property to an individual, where the borrower lives in, or intends to live in the property;
      (b) any credit facility secured by cash or investments, where the security provided more than covers the principal of the credit facility; and
      (c) the provision of any form of credit to an individual for business purposes where the facility is to be repaid from the business activities of the borrower.

    • CM-8.3.2

      For the purposes of the Rulebook, "credit facilities" includes personal overdraft facilities, credit cards, consumer loans or other financing facility. "Consumer loans" are defined as loans for a fixed period to individuals for non-business purposes.