Q&As

For the purposes of Principle 71 of the Lending Code, what constitutes a merchant agreement? Would it include an agreement from a finance company to a car dealership pursuant to which the finance company makes credit available to the Dealer with which to acquire new and/or used motor vehicles?

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Published on LexisPSL on 19/02/2016

The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:

  • For the purposes of Principle 71 of the Lending Code, what constitutes a merchant agreement? Would it include an agreement from a finance company to a car dealership pursuant to which the finance company makes credit available to the Dealer with which to acquire new and/or used motor vehicles?

For the purposes of Principle 71 of the Lending Code, what constitutes a merchant agreement? Would it include an agreement from a finance company to a car dealership pursuant to which the finance company makes credit available to the Dealer with which to acquire new and/or used motor vehicles?

The Lending Code is a voluntary code of practice, setting standards for banks, building societies, credit card providers and their agents dealing with certain types of their customers (individuals, micro-enterprises and small charities) in the UK. The Lending Code was initially issued by the British Bankers' Association (BBA), the Building Societies' Association (BSA) and the UK Cards Association on 11 March 2011. It was most recently revised on 28 September 2015 when the BSA

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