CM-7.3.1

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

(a) Any credit facility secured by a first charge on residential property to an individual, where the counterparty 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 counterparty.
Amended: January 2011
October 2007