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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.
      Amended: January 2011
      October 2007

    • CM-8.3.2

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

      October 07