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Consumer Credit Bill


Consumer Credit Bill

34

 

OFT) after paragraph (b) insert—

“(ba)   

requirements imposed under section 33A or 33B which are in

effect or which have been in effect, with details of any variation

of such a requirement;”.

(3)   

In the Table in section 41 of that Act (appeals) after the entry relating to “refusal

5

to end suspension of licence in accordance with terms of application” insert the

following entry—

 

“Determination—

A person who falls within

 
 

(a)   

to impose a

section 33C(6) or (7) in

 
 

requirement under

relation to the requirement

 

10

 

section 33A or 33B;

unless the OFT was not

 
 

(b)   

to refuse an

required to give a notice to

 
 

application under

him in relation to the

 
 

section 33C(5) in

determination by virtue of

 
 

relation to a

section 33D(4).”

 

15

 

requirement

  
 

imposed under

  
 

either of those

  
 

sections; or

  
 

(c)   

to vary or revoke a

  

20

 

requirement so

  
 

imposed.

  

Powers and duties in relation to information

44      

Provision of information etc. by applicants

(1)   

In subsection (2) of section 6 of the 1974 Act (which contains provision relating

25

to applications)—

(a)   

for “particulars” substitute “information and documents”;

(b)   

for “by” in the second place where it occurs substitute “or describe in a”.

(2)   

For subsection (3) of that section substitute—

“(3)   

Where the OFT receives an application, it may by notice to the applicant

30

at any time before the determination of the application require him to

provide such further information or documents relevant to the

application as may be specified or described in the notice.”

(3)   

After subsection (4) of that section insert—

“(5)   

Subsection (6) applies where a general notice is published under

35

subsection (2)—

(a)   

after an application has been made; but

(b)   

before its determination.

(6)   

The applicant shall, within such period as may be specified in the

general notice, provide the OFT with any information or document—

40

(a)   

which he has not previously provided in relation to the

application by virtue of this section;

 
 

Consumer Credit Bill

35

 

(b)   

which he would have been required to provide with his

application had it been made after the general notice was

published; and

(c)   

which the general notice requires to be provided for the

purposes of this subsection.

5

(7)   

An applicant shall notify the OFT, giving details, if before his

application is determined—

(a)   

any information or document provided by him in relation to the

application by virtue of this section is, to any extent, superseded

or otherwise affected by a change in circumstances; or

10

(b)   

he becomes aware of an error in or omission from any such

information or document.

(8)   

A notification for the purposes of subsection (7) shall be given within

the period of 28 days beginning with the day on which (as the case may

be)—

15

(a)   

the information or document is superseded;

(b)   

the change in circumstances occurs; or

(c)   

the applicant becomes aware of the error or omission.

(9)   

Subsection (7) does not require an applicant to notify the OFT about—

(a)   

anything of which he is required to notify it under section 36; or

20

(b)   

an error in or omission from any information or document

which is a clerical error or omission not affecting the substance

of the information or document.”

45      

Duties to notify changes in information etc.

After section 36 of the 1974 Act insert—

25

“36A    

Further duties to notify changes etc.

(1)   

Subsections (2) to (4) apply where a general notice is published under

section 6(2).

(2)   

A person who is the holder of a standard licence or who is the original

applicant for a group licence shall, in relation to each relevant

30

application which he has made and which has been determined before

the publication of the general notice, provide the OFT with any

information or document—

(a)   

which he would have been required to provide with the

application had the application been made after the general

35

notice was published; and

(b)   

which the general notice requires to be provided for the

purposes of this subsection.

(3)   

Any such information or document shall be provided within such

period as may be specified in the general notice.

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(4)   

Subsection (2) does not require a person to provide any information or

document—

(a)   

which he provided in relation to the application by virtue of

section 6;

(b)   

which he has previously provided in relation to the application

45

by virtue of this section; or

 
 

Consumer Credit Bill

36

 

(c)   

which he would have been required to provide in relation to the

application by virtue of subsection (5) but for subsection (6).

(5)   

A person who is the holder of a standard licence or who is the original

applicant for a group licence shall, in relation to each relevant

application which he has made, notify the OFT giving details if, after

5

the application is determined, any information or document which

he—

(a)   

provided in relation to the application by virtue of section 6, or

(b)   

has so provided by virtue of this section,

   

is, to any extent, superseded or otherwise affected by a change in

10

circumstances.

(6)   

Subsection (5) does not require a person to notify the OFT about a

matter unless it falls within a description of matters specified by the

OFT in a general notice.

(7)   

A description may be specified for the purposes of subsection (6) only

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if the OFT is satisfied that the matters which would fall within that

description are matters which would be relevant to the question of—

(a)   

whether, having regard to section 25(2), a person is a fit person

to carry on a business under a standard licence; or

(b)   

whether the public interest is better served by a group licence

20

remaining in effect than by obliging the licensees under it to

apply separately for standard licences.

(8)   

A person who is the holder of a standard licence or who is the original

applicant for a group licence shall, in relation to each relevant

application which he has made, notify the OFT about every error or

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omission—

(a)   

in or from any information or document which he provided by

virtue of section 6, or which he has provided by virtue of this

section, in relation to the application; and

(b)   

of which he becomes aware after the determination of the

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application.

(9)   

A notification for the purposes of subsection (5) or (8) shall be given

within the period of 28 days beginning with the day on which (as the

case may be)—

(a)   

the information or document is superseded;

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(b)   

the change in circumstances occurs; or

(c)   

the holder of the standard licence or the original applicant

becomes aware of the error or omission.

(10)   

This section does not require a person to notify the OFT about—

(a)   

anything of which he is required to notify it under section 36; or

40

(b)   

an error in or omission from any information or document

which is a clerical error or omission not affecting the substance

of the information or document.

(11)   

In this section ‘relevant application’ means, in relation to a person who

is the holder of a standard licence or who is the original applicant for a

45

group licence—

(a)   

the original application for the licence; or

(b)   

an application for its renewal or for its variation.”

 
 

Consumer Credit Bill

37

 

46      

Power of OFT to require information generally

After section 36A of the 1974 Act (inserted by section 45 of this Act) insert—

“36B    

Power of OFT to require information generally

(1)   

The OFT may by notice to a person require him—

(a)   

to provide such information as may be specified or described in

5

the notice; or

(b)   

to produce such documents as may be so specified or described.

(2)   

The notice shall set out the reasons why the OFT requires the

information or documents to be provided or produced.

(3)   

The information or documents shall be provided or produced—

10

(a)   

before the end of such reasonable period as may be specified in

the notice; and

(b)   

at such place as may be so specified.

(4)   

A requirement may be imposed under subsection (1) on a person who

is—

15

(a)   

the holder of a standard licence, or

(b)   

the original applicant for a group licence,

   

only if the provision or production of the information or documents in

question is reasonably required for purposes connected with the OFT’s

functions under this Act.

20

(5)   

A requirement may be imposed under subsection (1) on any other

person only if—

(a)   

an act or omission mentioned in subsection (6) has occurred or

the OFT has reason to suspect that such an act or omission has

occurred; and

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(b)   

the provision or production of the information or documents in

question is reasonably required for purposes connected with—

(i)   

the taking by the OFT of steps under this Part as a

consequence; or

(ii)   

its consideration of whether to take such steps as a

30

consequence.

(6)   

Those acts or omissions are acts or omissions which—

(a)   

cast doubt on whether, having regard to section 25(2), a person

is a fit person to carry on a business under a standard licence;

(b)   

cast doubt on whether the public interest is better served by a

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group licence remaining in effect, or being issued, than by

obliging the persons who are licensees under it, or who would

be licensees under it, to apply separately for standard licences;

(c)   

give rise, or are likely to give rise, to dissatisfaction for the

purposes of section 33A(1) or 33B(1); or

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(d)   

constitute or give rise to a failure of the kind mentioned in

section 39A(1).”

 
 

 
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Revised 17 December 2004