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The Consumer Credit Act 2006
The Consumer Credit Act 2006
2006 Chapter 14
An Act to establish for the protection of consumers a new system, administered by the Director General of Fair Trading, of licensing and other control of traders concerned with the provision of credit, or the supply of goods on hire or hire-purchase, and their transactions, in place of the present enactments regulating moneylenders, pawnbrokers and hire-purchase traders and their transactions; and for related matters.
2006 Chapter 14
An Act to establish for the protection of consumers a new system, administered by the Director General of Fair Trading, of licensing and other control of traders concerned with the provision of credit, or the supply of goods on hire or hire-purchase, and their transactions, in place of the present enactments regulating moneylenders, pawnbrokers and hire-purchase traders and their transactions; and for related matters.
Introductory Text
Agreements regulated under the 1974 Act etc.
See full details here: ---> The Consumer Credit Act 2006Agreements regulated under the 1974 Act etc.
1. Definition of ‘individual’
2. Removal of financial limits etc.
3. Exemption relating to high net worth debtors and hirers
4. Exemption relating to businesses
5. Consequential amendments relating to ss. 1 to 4
Statements to be provided in relation to regulated credit agreements2. Removal of financial limits etc.
3. Exemption relating to high net worth debtors and hirers
4. Exemption relating to businesses
5. Consequential amendments relating to ss. 1 to 4
6. Statements to be provided in relation to fixed-sum credit agreements
7. Further provision relating to statements
Default under regulated agreements7. Further provision relating to statements
8. OFT to prepare information sheets on arrears and default
9. Notice of sums in arrears under fixed-sum credit agreements etc.
10. Notice of sums in arrears under running-account credit agreements
11. Failure to give notice of sums in arrears
12. Notice of default sums
13. Interest on default sums
14. Default notices
15. Enforceability of regulated agreements
16. Time orders
17. Interest payable on judgment debts etc.
18. Definition of “default sum”
Unfair relationships9. Notice of sums in arrears under fixed-sum credit agreements etc.
10. Notice of sums in arrears under running-account credit agreements
11. Failure to give notice of sums in arrears
12. Notice of default sums
13. Interest on default sums
14. Default notices
15. Enforceability of regulated agreements
16. Time orders
17. Interest payable on judgment debts etc.
18. Definition of “default sum”
19. Unfair relationships between creditors and debtors
20. Powers of court in relation to unfair relationships
21. Interpretation of ss. 140A and 140B of the 1974 Act
22. Further provision relating to unfair relationships
Businesses requiring a licence and consequences of not being licensed20. Powers of court in relation to unfair relationships
21. Interpretation of ss. 140A and 140B of the 1974 Act
22. Further provision relating to unfair relationships
23. Definitions of ‘consumer credit business’ and ‘consumer hire business’
24. Debt administration etc.
25. Credit information services
26. Enforcement of agreements by unlicensed trader etc.
Applications for licences and fitness to hold a licence etc.24. Debt administration etc.
25. Credit information services
26. Enforcement of agreements by unlicensed trader etc.
27. Charge on applicants for licences etc.
28. Applications for standard licences
29. Issue of standard licences
30. Guidance on fitness test
31. Variation of standard licences etc.
32. Winding-up of standard licensee's business
33. Consequential amendments relating to ss. 27 to 32
Duration of licences and charges28. Applications for standard licences
29. Issue of standard licences
30. Guidance on fitness test
31. Variation of standard licences etc.
32. Winding-up of standard licensee's business
33. Consequential amendments relating to ss. 27 to 32
34. Definite and indefinite licences
35. Charges for indefinite licences
36. Extension of period to pay charge for indefinite licence
37. Failure to pay charge for indefinite licence
Further powers of OFT to regulate conduct of licensees etc.35. Charges for indefinite licences
36. Extension of period to pay charge for indefinite licence
37. Failure to pay charge for indefinite licence
38. Power of OFT to impose requirements on licensees
39. Power of OFT to impose requirements on supervisory bodies
40. Supplementary provision relating to requirements
41. Procedure in relation to requirements
42. Guidance on requirements
43. Consequential amendments relating to requirements
Powers and duties in relation to information39. Power of OFT to impose requirements on supervisory bodies
40. Supplementary provision relating to requirements
41. Procedure in relation to requirements
42. Guidance on requirements
43. Consequential amendments relating to requirements
44. Provision of information etc. by applicants
45. Duties to notify changes in information etc.
46. Power of OFT to require information generally
47. Power of OFT to require access to premises
48. Entry to premises under warrant
49. Failure to comply with information requirement
50. Officers of enforcement authorities other than OFT
51. Consequential amendments relating to information
Civil penalties45. Duties to notify changes in information etc.
46. Power of OFT to require information generally
47. Power of OFT to require access to premises
48. Entry to premises under warrant
49. Failure to comply with information requirement
50. Officers of enforcement authorities other than OFT
51. Consequential amendments relating to information
52. Power of OFT to impose civil penalties
53. Further provision relating to civil penalties
54. Statement of policy in relation to civil penalties
Appeals53. Further provision relating to civil penalties
54. Statement of policy in relation to civil penalties
55. The Consumer Credit Appeals Tribunal
56. Appeals to the Consumer Credit Appeals Tribunal
57. Appeals from the Consumer Credit Appeals Tribunal
58. Consequential amendments relating to appeals
Ombudsman scheme56. Appeals to the Consumer Credit Appeals Tribunal
57. Appeals from the Consumer Credit Appeals Tribunal
58. Consequential amendments relating to appeals
59. Financial services ombudsman scheme to apply to consumer credit licensees
60. Funding of ombudsman scheme
61. Consequential amendments relating to ombudsman scheme
Miscellaneous60. Funding of ombudsman scheme
61. Consequential amendments relating to ombudsman scheme
62. Monitoring of businesses by OFT
63. Disapplication of s.101 of the 1974 Act
64. Determinations etc. by OFT
65. Sums received by OFT
Final provisions63. Disapplication of s.101 of the 1974 Act
64. Determinations etc. by OFT
65. Sums received by OFT
66. Financial provision
67. Interpretation
68. Consequential amendments
69. Transitional provision and savings
70. Repeals
71. Short title, commencement and extent
Schedules67. Interpretation
68. Consequential amendments
69. Transitional provision and savings
70. Repeals
71. Short title, commencement and extent
- SCHEDULE 1
Schedule A1 to the 1974 Act - SCHEDULE 2
Part 3A of Schedule 17 to the 2000 Act - SCHEDULE 3
Transitional Provision and Savings - SCHEDULE 4
Repeals