CM-5.3.1
Past version: Effective from 01 Jun 2022 to 31 Dec 2022
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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.
Added: June 2022