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S.C.E.      Notices of Amendments: 21st January 2005                

110

 

Consumer Credit Bill, continued

 
 

Mr Gerry Sutcliffe

 

6

 

Clause  62,  page  51,  line  3,  leave out ‘1’ and insert ‘1(1)’.

 

———
 

New Clauses

 

Credit-token specification

 

Mr James Plaskitt

 

Chris Bryant

 

NC1

 

To move the following Clause:—

 

‘After section 14 of the 1974 Act insert—

 

“14A  

Credit-token specification

 

A person carrying on a consumer credit business and providing a credit-

 

token agreement to an individual must specify in the agreement the type of

 

credit token that will be provided and may not provide other additional

 

credit-tokens, including cheques, that may be used to draw on credit

 

accounts without the agreement of the debtor.”.’.

 

——————————
 

Prohibition of unsolicited credit-token applications

 

Chris Bryant

 

NC2

 

To move the following Clause:—

 

‘After section 51 of the 1974 Act insert—

 

“51A  

Prohibition of unsolicited credit-token applications

 

(1)    

It is an offence to give a person an application form for a credit-token

 

unless he has specifically requested it.

 

(2)    

To comply with subsection (1), a request must be made by the person

 

making the request either by way of—

 

(a)    

a document signed by that person; or

 

(b)    

a recorded telephone call by that person to the person or

 

company offering the credit-token.”.’.

 

——————————

 
 

S.C.E.      Notices of Amendments: 21st January 2005                

111

 

Consumer Credit Bill, continued

 
 

Duties of lenders and debtors

 

Mr Laurence Robertson

 

Gregory Barker

 

Mr Ian Liddell-Grainger

 

Alistair Burt

 

nc3

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

A lender who provides credit or loans to a debtor so that the debtor may purchase

 

goods and/or services from a third party, who acts as an agent for the lender, in

 

terms of signing debtors up to financial agreements, shall take all reasonable steps

 

to ensure that—

 

(a)    

the goods and/or services provided by the goods and/or services provider

 

are of a merchantable quality;

 

(b)    

that the goods and/or services are legal;

 

(c)    

that the provider of the goods and/or services, when acting as a credit

 

agent on behalf of a lender, does so in a professional and honest manner

 

and behaves in a way which could be considered reasonable in all

 

aspects;

 

(d)    

that the provider of goods and/or services, when acting as a credit agent

 

on behalf of the lender, has not acted fraudulently in any way with respect

 

to the setting up and/or running of the credit agreement and the provision

 

of those goods and/or services; and

 

(e)    

that the goods and/or services provider, when acting as a credit agent on

 

behalf of the debtor, complies with the requirements of this Act and the

 

1974 Act.

 

(2)    

It shall be for the debtor to demonstrate that the provider of goods and/or services

 

has acted in an irresponsible or illegal way, having regard to the subsections

 

above.

 

(3)    

If the debtor so demonstrates, it shall be for the lender to show that he has taken

 

all reasonable steps to ensure that the requirements of the above subsections have

 

been met.

 

(4)    

If the lender fails so to do to the satisfaction of the court, the court shall have the

 

power to review the agreement.’.

 

——————————
 

Liability of debtor on termination of hire-purchase etc. agreement

 

Mr Laurence Robertson

 

Gregory Barker

 

Mr Ian Liddell-Grainger

 

Alistair Burt

 

nc4

 

Parliamentary Star    

To move the following Clause:—

 

‘Section 100 of the 1974 Act shall cease to have effect, other than for those

 

agreements in place at the time of this Act coming into force.’.

 

——————————

 
 

S.C.E.      Notices of Amendments: 21st January 2005                

112

 

Consumer Credit Bill, continued

 
 

Regulatory impact

 

Malcolm Bruce

 

Dr Jenny Tonge

 

nc5

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

The Office of Fair Trading (OFT) will report to the Secretary of State and to

 

Parliament annually on the impact of its monitoring of businesses being carried

 

on under licences and its determinations to issue, renew or vary a licence under

 

the provisions of this Act.

 

(2)    

The Secretary of State will after a period of no more than five years, consult on

 

and publish an assessment of the impact the Act has had in terms of regulatory

 

burden and harmonisation with European Directives.’.

 

——————————
 

Office of Fair Trading: further duties

 

Malcolm Bruce

 

Dr Jenny Tonge

 

nc6

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

The Office of Fair Trading (OFT) shall consult other financial agencies and

 

produce a standard requirement for the presentation of interest rates to enable

 

direct comparison between products.

 

(2)    

The OFT shall periodically, and at least annually, publish the range of interest

 

rates on the market for specified products.

 

(3)    

The OFT shall further publish court rulings and advice of the ombudsman on

 

levels of interest rates for particular products which are likely to be deemed unfair

 

under section 19.’.

 

 

Order of the House [13th January 2005]

 

That the following provisions shall apply to the Consumer Credit Bill:

 

Committal

 

1.    

The Bill shall be committed to a Standing Committee

 

Proceedings in Standing Committee

 

2.    

Proceedings in the Standing Committee shall (so far as not previously

 

concluded) be brought to a conclusion on Thursday 3rd February 2005.

 

3.    

The Standing Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Consideration and Third Reading

 

4.    

Proceedings on consideration shall (so far as not previously concluded) be

 

brought to a conclusion one hour before the moment of interruption on the

 

day on which those proceedings are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be


 
 

S.C.E.      Notices of Amendments: 21st January 2005                

113

 

Consumer Credit Bill, continued

 
 

brought to a conclusion at the moment of interruption on that day.

 

Programming Committee

 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on consideration and Third Reading.

 

Programming of proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of Lords Amendments or on any further messages from the

 

Lords) may be programmed.

 


 
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