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| | | ‘(1) | Where a creditor has loaned money for the purpose of a speculative land- |
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| | | packaging deal, all funds shall be repayable, plus interest, after a period of two |
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| | | years, if the deal has not been completed and planning permission obtained. |
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| | | (2) | The Secretary of State shall, by regulation, determine the level of interest to be |
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| | | paid under subsection (1).’. |
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| To move the following Clause:— |
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| | | | “authorised person” means a consumer credit busines, or consumer hire |
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| | | business, or an ancillary credit business, or any person acting on behalf |
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| | | “credit reference agency” means any person within the meaning of |
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| | | section 145(8) and who holds a licence in respect of such activities under |
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| | | Part III of this Act; and
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| | | all reference to “debtor” shall include a reference to hirer and all |
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| | | references to credit shall include a reference to hire. |
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| | | (2) | Any authorised person may, provided the conditions in subsection (3) below are |
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| | | satisfied, disclose to a credit reference agency and the authorised person and |
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| | | credit reference agency may use, any information relating to the credit history or |
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| | | financial standing of any debtor of the authorised person, for the purposes |
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| | | referred to in subsection (4) below, notwithstanding any enactment or rule of law |
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| | | prohibiting or restricting the disclosure or use of or authorising the withholding |
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| | | (3) | The conditions referred to in subsection (2) are that— |
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| | | (a) | the authorised person has notified the debtor that it may disclose the |
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| | | debtor’s or hirer’s information under this section; and |
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| | | (b) | the debtor has not, within 28 days of the date of notification, informed the |
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| | | authorised person in writing that he objects to such disclosure of his |
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| | | (4) | For the purposes of subsection (2) above, the permitted purposes are— |
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| | | (a) | vetting applications for credit or applications that can result in the giving |
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| | | of credit or giving of any guarantee, indemnity, or assurance in relation |
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| | | (b) | verifying the identity of the debtor or any applicant for credit, for the |
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| | | purpose of, or in connection with, an application for credit, or for any |
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| | | other purpose relevant to the financial standing of the debtor, including |
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| | | the prevention of money laundering; |
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| | | (c) | managing credit accounts, including debt tracing and recovery; |
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| | | (d) | preventing, detecting or apprehending crime, and for the enforcement of |
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| | | criminal law (whether in England and Wales or elsewhere) including the |
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| | | tracing and recovery of any sanctions imposed thereunder; |
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| | | (e) | statistical analysis of credit risk assessment in a case where no individual |
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| | | is referred to by name or necessary implication; |
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| | | (f) | any other purpose which the debtor subsequently consents to; and |
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| | | (g) | any other purpose specified in an Order made by the Secretary of State |
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| | | for the purpose of this subsection (4). |
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| | | | “application for credit” includes an application to refinance or reschedule |
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| | | an existing credit agreement; and
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| | | “credit reference services” means the furnishing of persons with |
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| | | information relevant to financial standing of individuals, which is |
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| | | information collected by the person furnishing the purpose of so |
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| | | Bill, as amended, to be reported. |
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