Credit Guarantee (Amendment) Act 2020

Amendment of section 12 of Credit Guarantee (Amendment) Act 2016

6. Section 12 of the Credit Guarantee (Amendment) Act 2016 is amended by—

(a) the designation of that section as subsection (1),

(b) the substitution, in subsection (1), of “Subject to subsection (2), the Minister shall not” for “The Minister shall not”, and

(c) the insertion of the following subsections after subsection (1):

“(2) Subsection (1) shall not apply to—

(a) guarantees given under section 4 of the Principal Act in accordance with a Covid-19 credit guarantee scheme, or

(b) qualifying finance agreements to which those guarantees apply.

(3) In this section, ‘Covid-19 credit guarantee scheme’ has the same meaning as it has in the Principal Act.”.