Credit Guarantee Act 2012

9.

Withdrawal of guarantee by Minister.

F12 [ 9. (1) Where a participating finance provider fails or refuses to comply with the terms of a credit guarantee scheme, the Minister may withdraw any guarantee given by him or her in respect of any qualifying finance agreement to which that participating finance provider is a party.

(2) Any term of a finance agreement that permits a participating finance provider to

( a ) alter a term or condition of such agreement upon the withdrawal of a guarantee in accordance with subsection (1) , or

( b ) impose less favourable terms and conditions on the participating enterprise upon the withdrawal of a guarantee in accordance with subsection (1) ,

shall be null and void. ]