CM-5.3.1
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;
(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; 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
Added: June 2022