Credit Guarantee (Amendment) Act 2016

8.

Withdrawal of guarantee by Minister

8. The Principal Act is amended by the substitution of the following section for section 9:

β€œ9. (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 toβ€”

(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.”.