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Consumer Credit Bill


 

Consumer Credit Bill

 
 

EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by the Department of Trade and Industry, are

published separately as Bill 16—EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Ms Secretary Hewitt has made the following statement under section 19(1)(a) of the

Human Rights Act 1998:

In my view the provisions of the Consumer Credit Bill are compatible with the

Convention rights.

 
Bill 16 53/4
 

 

 

Consumer Credit Bill

 

Bill 16                                                                                                 

53/4

 
 

Contents

Agreements regulated under the 1974 Act

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 agreements

6   

Statements to be provided in relation to fixed-sum credit agreements

7   

Further provision relating to statements

Default under regulated agreements

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 relationships

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 licensed

23   

Definitions of “consumer credit business” and “consumer hire business”

24   

Debt administration

25   

Credit information services

 
Bill 16 53/4
 
 

Consumer Credit Bill

iv

 

26   

Enforcement of agreements by unlicensed trader etc.

Applications for licences and fitness to hold a licence 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

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.

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 information

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 penalties

52   

Power of OFT to impose civil penalties

53   

Further provision relating to civil penalties

54   

Statement of policy in relation to civil penalties

Appeals

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

 
 

Consumer Credit Bill

v

 

Ombudsman scheme

59   

Financial services ombudsman scheme to apply to consumer credit licensees

60   

Funding of ombudsman scheme

61   

Consequential amendments relating to ombudsman scheme

Miscellaneous

62   

Monitoring of businesses by OFT

63   

Determinations etc. by OFT

64   

Sums received by OFT

Final provisions

65   

Interpretation

66   

Financial provision

67   

Consequential amendments

68   

Transitional provision and savings

69   

Repeals

70   

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

 
 

 
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Revised 17 December 2004