Citation and commencement

1. This Order may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments) Order 2005 and comes into force on 16th November 2005.

Variation of consumer credit regulated agreements

2. —(1)Section 82 of the Consumer Credit Act 1974( 2 ) (variation of agreements) is amended as follows.

(2) After subsection (2) insert—

“ (2A) Subsection (2) does not apply if the modifying agreement is an exempt agreement as a result of section 16(6C). ” .

(3) In subsection (3) for the words from “unless” to “regulated agreement” substitute—

• “ unless the modifying agreement is—

  (a)

  for running account credit; or

  (b)

  an exempt agreement as a result of section 16(6C),

  it shall be treated as a regulated agreement. ” .

(4) After subsection (5) insert—

“ (5A) Subsection (5) does not apply where the modifying agreement is an exempt agreement as a result of section 16(6C). ” .

Exception from ancillary credit business

3. In subsection (5D) of section 146 of the Consumer Credit Act 1974( 3 ) (exceptions from section 145), in the definition of “relevant agreement” for “a consumer credit” substitute “an”.