Section 74 — Credit Contracts and Consumer Finance Act 2003: Buy-back transactions involving buy-back promoter

74 Buy-back transactions involving buy-back promoter (1) This section applies if— (a) a buy-back promoter introduced the transferee and the occupier to each other; and (b) none of the following applies: (i) the transferee carries on the business of providing credit (whether or not the business is the transferee's only business or the transferee's principal business): (ii) the transferee carries on the business of entering into buy-back transactions (whether or not the business is the transferee's only business or the transferee's principal business): (iii) the transferee makes a practice of providing credit in the course of a business earned on by the transferee: (iv) the transferee makes a practice of entering into buy-back transactions in the course of a business earned on by the transferee. (2) If this section applies,— (a) the obligations of the transferee under sections 72 and 73 are to be treated as being imposed on the buy-back promoter (instead of on the transferee); and (b) the references in sections 72 and 73 to the transferee are to be read as references to the buy-back promoter. (3) The buy-back promoter must ensure that every transferee under the buy-back transaction has received independent legal advice concerning the transaction from a lawyer before entering into any contract or arrangement that forms part of the buy-back transaction. (4) For the purposes of this section, independent legal advice means legal advice provided by a lawyer who has no relationship with, or interest in, the buy-back promoter.