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  • CM-5.3 CM-5.3 Definition of Consumer Finance

    • CM-5.3.1

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

      (a) Any financing secured by a first charge on residential property to an individual, where the obligor 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;
      (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 obligor; and
      (d) Any credit facility awarded based on eligibility as per the Social Insurance Organisation’s Pension Commutation Scheme.
      Amended: January 2023
      Added: June 2022

    • CM-5.3.2

      For the purposes of the Rulebook, ‘credit facility’ includes personal overdraft facilities, credit cards, consumer financings or other financing facilities. ‘Consumer finance’ is defined as financing for a fixed period to individuals for non-business purposes.

      Added: June 2022