Consumer Credit Act 1974
Consumer Credit Act 1974 (1974 c. 39)
- Consumer Credit Act 1974 (1974 c. 39)
- Part I OFFICE OF FAIR TRADING
- 1 General functions of OFT.
- 2 Powers of Secretary of State.
- 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 4 Dissemination of information and advice.
- 5 Annual and other reports.
- 6 Form etc. of applications.
- 6A Charge on applicants for licences etc.
- 7 Penalty for false information.
- Part II Credit Agreements, Hire Agreements and Linked Transactions
- 8 Consumer credit agreements.
- 9 Meaning of credit.
- 10 Running-account credit and fixed-sum credit.
- 11 Restricted-use credit and unrestricted-use credit.
- 12 Debtor-creditor supplier agreements.
- 13 Debtor-creditor agreements.
- 14 Credit-token agreements.
- 15 Consumer hire agreements.
- 16 Exempt agreements.
- 16A Exemption relating to high net worth debtors and hirers
- 16B Exemption relating to businesses
- 16C Exemption relating to investment properties
- 17 Small agreements.
- 18 Multiple agreements.
- 19 Linked transactions.
- 20. Total charge for credit
- Part III Licensing of Credit and Hire Businesses
- Licensing principles
- 21 Businesses needing a licence.
- 22 Standard and group licences.
- 23 Authorisation of specific activities.
- 24 Control of name of business.
- 24A Applications for standard licences
- 25 Licensee to be a fit person.
- 25A Guidance on fitness test
- 26 Conduct of business
- Issue of licences
- 27 Determination of applications.
- 27A Consumer credit EEA firms
- 28 Exclusion from group licence.
- Charges for indefinite licences
- 28A Charges to be paid by licensees etc. before end of payment periods
- 28B Extension of period to pay charge under s. 28A
- 28C Failure to pay charge under s. 28A
- Renewal, variation, suspension and revocation of licences
- 29 Renewal.
- 30 Variation by request.
- 31 Compulsory variation.
- 32 ...revocation.
- 32A Power to suspend licence
- 32B Duration of suspension
- 33 Application to end suspension.
- Further powers of OFT to regulate conduct of licensees etc.
- 33A Power of OFT to impose requirements on licensees
- 33B Power of OFT to impose requirements on supervisory bodies
- 33C Supplementary provision relating to requirements
- 33D Procedure in relation to requirements
- 33E Guidance on requirements
- Miscellaneous
- 34 Representations to OFT.
- 34ZA Representations to OFT: suspension under section 32A
- 34A Winding-up of standard licensee's business
- 35 The register.
- 36 Duty to notify changes.
- 36A Further duties to notify changes etc.
- 36B Power of OFT to require information generally
- 36C Power of OFT to require access to premises
- 36D Entry to premises under warrant
- 36E Failure to comply with information requirement
- 36F Officers of enforcement authorities other than OFT
- 37 Death, bankruptcy etc. of licensee.
- 38 Application of s. 37 to Scotland and Northern Ireland.
- 39 Offences against Part III.
- 39A Power of OFT to impose civil penalties
- 39B Further provision relating to civil penalties
- 39C Statement of policy in relation to civil penalties
- 40 Enforcement of agreements made by unlicensed trader.
- Appeals
- 40A The Consumer Credit Appeals Tribunal
- 41 Appeals to First-tier Tribunal under Part III.
- 41ZA Tribunal Procedure Rules: suspension of OFT determinations
- 41ZB Disposal of appeals
- 41A Appeals from the Consumer Credit Appeals Tribunal
- 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part IV Seeking Business
- ...
- 43 Advertisements to which Part IV applies.
- 44 Form and content of advertisements.
- 45 Prohibition of advertisement where goods etc. not sold for cash.
- 46 False or misleading advertisements.
- 47 Advertising infringements.
- Canvassing etc.
- 48 Definition of canvassing off trade premises (regulated agreements).
- 49 Prohibition of canvassing debtor-creditor agreements off trade premises.
- 50 Circulars to minors.
- 51 Prohibition of unsolicited credit-tokens.
- 51A Restrictions on provision of credit card cheques
- ... Section 51A: exemption for business
- ...
- 52 Quotations.
- 53 Duty to display information.
- 54 Conduct of business regulations.
- Part V Entry into Credit or Hire Agreements
- Preliminary matters
- 55 Disclosure of information.
- 55A Pre-contractual explanations etc
- 55B Assessment of creditworthiness
- 55C Copy of draft consumer credit agreement
- 56 Antecedent negotiations.
- 57 Withdrawal from prospective agreement.
- 58 Opportunity for withdrawal from prospective land mortgage.
- 59 Agreement to enter future agreement void.
- Making the agreement
- 60 Form and content of agreements.
- 61 Signing of agreement.
- 61A Duty to supply copy of executed consumer credit agreement
- 61B Duty to supply copy of overdraft agreement
- 62 Duty to supply copy of unexecuted agreement : excluded agreements.
- 63 Duty to supply copy of executed agreement : excluded agreements.
- 64 Duty to give notice of cancellation rights.
- 65 Consequences of improper execution.
- 66 Acceptance of credit-tokens.
- Withdrawal from certain agreements
- 66A Withdrawal from consumer credit agreement
- Cancellation of certain agreements within cooling-off period
- 67 Cancellable agreements.
- 68 Cooling-off period.
- 69 Notice of cancellation.
- 70 Cancellation: recovery of money paid by debtor or hirer.
- 71 Cancellation: repayment of credit.
- 72 Cancellation: return of goods.
- 73 Cancellation: goods given in part-exchange.
- Exclusion of certain agreements from Part V
- 74 Exclusion of certain agreements from Part V.
- PART VA CURRENT ACCOUNT OVERDRAFTS
- 74A Information to be provided on a current account agreement
- 74B Information to be provided on significant overdrawing without prior arrangement
- Part VI Matters Arising During Currency of Credit or Hire Agreements
- 75 Liability of creditor for breaches by supplier.
- 75A Further provision for liability of creditor for breaches by supplier
- 76 Duty to give notice before taking certain action.
- 77 Duty to give information to debtor under fixed-sum credit agreement.
- 77A Statements to be provided in relation to fixed-sum credit agreements
- 77B Fixed-sum credit agreement: statement of account to be provided on request
- 78 Duty to give information to debtor under running-account credit agreement.
- 78A Duty to give information to debtor on change of rate of interest
- 79 Duty to give hirer information.
- 80 Debtor or hirer to give information about goods.
- 81 Appropriation of payments.
- 82 Variation of agreements.
- 82A Assignment of rights
- 83 Liability for misuse of credit facilities.
- 84 Misuse of credit-tokens.
- 85 Duty on issue of new credit-tokens.
- 86 Death of debtor or hirer.
- Information sheets
- 86A FCA to prepare information sheets on arrears and default
- Sums in arrears and default sums
- 86B Notice of sums in arrears under fixed-sum credit agreements etc.
- 86C Notice of sums in arrears under running-account credit agreements
- 86D Failure to give notice of sums in arrears
- 86E Notice of default sums
- 86F Interest on default sums
- Part VII Default and Termination
- Default notices
- 87 Need for default notice.
- 88 Contents and effect of default notice.
- 89 Compliance with default notice.
- Further restriction of remedies for default
- 90 Retaking of protected hire-purchase etc. goods.
- 91 Consequences of breach of s. 90.
- 92 Recovery of possession of goods or land.
- 93 Interest not to be increased on default.
- 93A Summary diligence not competent in Scotland.
- Early payment by debtor
- 94 Right to complete payments ahead of time.
- 95 Rebate on early settlement.
- 95A Compensatory amount
- 95B Compensatory amount: green deal finance
- 96 Effect on linked transactions.
- 97 Duty to give information.
- 97A Duty to give information on partial repayment
- Termination of agreements
- 98 Duty to give notice of termination (non-default cases).
- 98A Termination etc of open-end consumer credit agreements
- 99 Right to terminate hire-purchase etc. agreements.
- 100 Liability of debtor on termination of hire-purchase etc. agreement.
- 101 Right to terminate hire agreement.
- 102 Agency for receiving notice of rescission.
- 103 Termination statements.
- 104 Goods not to be treated as subject to landlord’s hypothec in Scotland.
- Part VIII Security
- General
- 105 Form and content of securities.
- 106 Ineffective securities.
- 107 Duty to give information to surety under fixed-sum credit agreement.
- 108 Duty to give information to surety under running-account credit agreement.
- 109 Duty to give information to surety under consumer hire agreement.
- 110 Duty to give information to debtor or hirer.
- 111 Duty to give surety copy of default etc. notice.
- 112 Realisation of securities.
- 113 Act not to be evaded by use of security.
- Pledges
- 114 Pawn-receipts.
- 115 Penalty for failure to supply copies of pledge agreement, etc.
- 116 Redemption period.
- 117 Redemption procedure.
- 118 Loss etc. of pawn-receipt.
- 119 Unreasonable refusal to deliver pawn.
- 120 Consequence of failure to redeem.
- 121 Realisation of pawn.
- 122 Order in Scotland to deliver pawn.
- Negotiable instruments
- 123 Restrictions on taking and negotiating instruments.
- 124 Consequences of breach of s. 123.
- 125 Holders in due course.
- Land mortgages
- 126 Enforcement of land mortgages.
- Part IX Judicial Control
- Enforcement of certain regulated agreements and securities
- 127 Enforcement orders in cases of infringement.
- 128 Enforcement orders on death of debtor or hirer.
- Extension of time
- 129 Time orders.
- 129A Debtor or hirer to give notice of intent etc. to creditor or owner
- 130 Supplemental provisions about time orders.
- Interest
- 130A Interest payable on judgment debts etc.
- Protection of property pending proceedings
- 131 Protection orders.
- Hire and hire-purchase etc. agreements
- 132 Financial relief for hirer.
- 133 Hire-purchase etc. agreements: special powers of court.
- 134 Evidence of adverse detention in hire-purchase etc. cases.
- Supplemental provisions as to orders
- 135 Power to impose conditions, or suspend operation of order.
- 136 Power to vary agreements and securities.
- Extortionate credit bargains
- 137 Extortionate credit bargains.
- 138 When bargains are extortionate.
- 139 Reopening of extortionate agreements.
- 140 Interpretation of sections 137 to 139.
- Unfair relationships
- 140A Unfair relationships between creditors and debtors
- 140B Powers of court in relation to unfair relationships
- 140C Interpretation of ss. 140A and 140B
- 140D Advice and information
- Miscellaneous
- 141 Jurisdiction and parties.
- 142 Power to declare rights of parties.
- Northern Ireland
- 143 Jurisdiction of county court in Northern Ireland.
- 144 Appeal from county court in Northern Ireland.
- Part X Ancillary Credit Businesses
- Definitions
- 145 Types of ancillary credit business.
- 146 Exceptions from section 145.
- ...
- 147 Application of Part III.
- 148 Agreement for services of unlicensed trader.
- 149 Regulated agreements made on introductions by unlicensed credit-broker.
- 150 Appeals to Secretary of State against licensing decisions.
- Seeking business
- 151 Advertisements.
- 152 Application of sections 52 to 54 to credit brokerage etc.
- 153 Definition of canvassing off trade premises (agreements for ancillary credit services).
- 154 Prohibition of canvassing certain ancillary credit services off trade premises.
- 155 Right to recover brokerage fees.
- ...
- 156 Entry into agreements.
- Credit reference agencies
- 157 Duty to disclose name etc. of agency.
- 158 Duty of agency to disclose filed information.
- 159 Correction of wrong information.
- 160 Alternative procedure for business consumers.
- 160A Credit intermediaries
- Part XI Enforcement of Act
- 161 Enforcement authorities.
- 162 Powers of entry and inspection.
- 163 Compensation for loss.
- 164 Power to make test purchases etc.
- 165 Obstruction of authorised officers.
- 166 Notification of convictions and judgments to FCA.
- 167 Penalties.
- 168 Defences.
- 169 Offences by bodies corporate.
- 170 No further sanctions for breach of Act.
- 171 Onus of proof in various proceedings.
- 172 Statements by creditor or owner to be binding.
- 173 Contracting-out forbidden.
- Part XII Supplemental
- 174 Restrictions on disclosure of information.
- 174A Powers to require provision of information or documents etc.
- 175 Duty of persons deemed to be agents.
- 176 Service of documents.
- 176A Electronic transmission of documents
- 177 Saving for registered charges.
- 178 Local Acts.
- Regulations, orders, etc.
- 179 Power to prescribe form etc. of secondary documents.
- 180 Power to prescribe form etc. of copies.
- 181 Power to alter monetary limits etc.
- 182 Regulations and orders.
- 183 Determinations etc. by FCA .
- Interpretation
- 184 Associates.
- 185 Agreement with more than one debtor or hirer.
- 186 Agreement with more than one creditor or owner.
- 187 Arrangements between creditor and supplier.
- 187A Definition of ‘default sum’
- 188 Examples of use of new terminology.
- 189 Definitions.
- 189A Meaning of “consumer credit EEA firm ”
- 189B Green deal plans
- 189C Section 189B: supplementary provision
- 189D Section 189B: temporary provision
- 190 Financial provisions.
- 191 Special provisions as to Northern Ireland.
- 192 Transitional and commencement provisions, amendments and repeals.
- 193 Short title and extent.
- SCHEDULES
- SCHEDULE A1 The Consumer Credit Appeals Tribunal
- Part 1 Interpretation
- Part 2 The Tribunal
- The President and the Deputy President
- Panels
- Terms of office etc.
- Remuneration and allowances
- Staff and costs
- Part 3 Constitution of the Tribunal
- Part 4 Tribunal powers and procedure
- Sittings
- Evidence
- Rules on procedure
- Council on Tribunals
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Disposal of appeals
- Decisions of the Tribunal
- Costs
- SCHEDULE 1 Prosecution and Punishment of Offences
- SCHEDULE 2 Examples of Use of New Terminology
- Part I Lists of Terms
- SCHEDULE 2A MEANING OF “DEBTOR” IN RELATION TO GREEN DEAL AGREEMENTS
- SCHEDULE 3 Transitional and Commencement Provisions
- Part II of Act Credit Agreements, Hire Agreements and Linked Transactions
- Regulated agreements
- Linked transactions
- Total charge for credit
- Part III of Act Licensing of Credit and Hire Businesses
- ...
- ...
- ...
- Part IV of Act Seeking Business
- Advertisements
- Canvassing
- Circulars to minors
- ...
- Part V of Act Entry into Credit or Hire Agreements
- Antecedent negotiations
- General
- Part VI of Act Matters Arising During Currency of Credit or Hire Agreements
- Liability of creditor for breaches by supplier
- Duty to give notice
- Duty to give information
- Appropriation of payments
- Variation of agreements
- Misuse of credit facilities
- Duty on issue of new credit-tokens
- Death of debtor or hirer
- Part VII of Act Default and Termination
- Default notices
- Retaking of goods and land
- Interest on default
- Early payment by debtor
- Termination of agreements
- Old agreements
- Part VIII of Act Security
- General
- Pledges
- Negotiable instruments
- Land mortgages
- Part IX of Act Judicial Control
- Part X of Act Ancillary Credit Businesses
- ...
- ...
- ...
- Advertisements
- Credit Reference Agencies
- Part XII of Act Supplemental
- Interpretation
- SCHEDULE 4. MINOR AND CONSEQUENTIAL AMENDMENTS
- PART I UNITED KINGDOM
- Bills of Sale Act (1878) Amendment Act 1882
- Factors Act 1889
- Law of Distress Amendment Act 1908
- Bankruptcy Act 1914
- Compensation (Defence) Act 1939
- Liability for War Damage (Miscellaneous Provisions) Act 1939
- Rag Flock and Other Filing Materials Act 1951
- Reserve and Auxiliary Forces (Protection of Civil Interest) Act 1951
- Clean Air Act 1956
- Restrictive Trade Practices Act 1956
- Housing Act 1957
- County Courts Act 1959
- Hire Purchase Act 1964
- Emergency Laws (Re-enactment and Repeals) Act 1964
- Trading Stamps Act 1964
- Housing (Scotland) Act 1966
- Trade Descriptions Act 1968
- Administration of Justice Act 1970
- Vehicles (Excise) Act 1971
- Counter-Inflation Act 1973
- Supply of Goods (Implied Terms) Act 1973
- Fair Trading Act 1973
- Part II NORTHERN IRELAND
- Irish Bankrupt and Insolvent Act 1857
- Bills of Sale (Ireland) Act (1879) Amendment Act 1883
- Liability for War Damage (Miscellaneous Provisions) Act (Northern Ireland) 1939
- Trading Stamps Act (Northern Ireland) 1965
- Hire-Purchase Act (Northern Ireland) 1966
- Vehicles (Excise) Act (Northern Ireland) 1972
- Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972
- Schedule 5 Repeals
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