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| Clause 62, page 51, line 3, leave out ‘1’ and insert ‘1(1)’. |
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| | Credit-token specification |
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| To move the following Clause:— |
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| | ‘After section 14 of the 1974 Act insert— |
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| | “14A | Credit-token specification |
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| | A person carrying on a consumer credit business and providing a credit- |
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| | token agreement to an individual must specify in the agreement the type of |
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| | credit token that will be provided and may not provide other additional |
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| | credit-tokens, including cheques, that may be used to draw on credit
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| | accounts without the agreement of the debtor.”.’. |
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| | Prohibition of unsolicited credit-token applications |
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| To move the following Clause:— |
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| | ‘After section 51 of the 1974 Act insert— |
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| | “51A | Prohibition of unsolicited credit-token applications |
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| | (1) | It is an offence to give a person an application form for a credit-token |
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| | unless he has specifically requested it. |
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| | (2) | To comply with subsection (1), a request must be made by the person |
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| | making the request either by way of— |
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| | (a) | a document signed by that person; or |
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| | (b) | a recorded telephone call by that person to the person or |
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| | company offering the credit-token.”.’. |
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| | Duties of lenders and debtors |
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| To move the following Clause:— |
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| | ‘(1) | A lender who provides credit or loans to a debtor so that the debtor may purchase |
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| | goods and/or services from a third party, who acts as an agent for the lender, in |
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| | terms of signing debtors up to financial agreements, shall take all reasonable steps |
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| | (a) | the goods and/or services provided by the goods and/or services provider |
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| | are of a merchantable quality; |
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| | (b) | that the goods and/or services are legal; |
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| | (c) | that the provider of the goods and/or services, when acting as a credit |
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| | agent on behalf of a lender, does so in a professional and honest manner |
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| | and behaves in a way which could be considered reasonable in all |
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| | (d) | that the provider of goods and/or services, when acting as a credit agent |
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| | on behalf of the lender, has not acted fraudulently in any way with respect |
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| | to the setting up and/or running of the credit agreement and the provision |
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| | of those goods and/or services; and |
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| | (e) | that the goods and/or services provider, when acting as a credit agent on |
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| | behalf of the debtor, complies with the requirements of this Act and the |
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| | (2) | It shall be for the debtor to demonstrate that the provider of goods and/or services |
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| | has acted in an irresponsible or illegal way, having regard to the subsections |
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| | (3) | If the debtor so demonstrates, it shall be for the lender to show that he has taken |
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| | all reasonable steps to ensure that the requirements of the above subsections have |
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| | (4) | If the lender fails so to do to the satisfaction of the court, the court shall have the |
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| | power to review the agreement.’. |
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| | Liability of debtor on termination of hire-purchase etc. agreement |
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| To move the following Clause:— |
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| | ‘Section 100 of the 1974 Act shall cease to have effect, other than for those |
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| | agreements in place at the time of this Act coming into force.’. |
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| To move the following Clause:— |
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| | ‘(1) | The Office of Fair Trading (OFT) will report to the Secretary of State and to |
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| | Parliament annually on the impact of its monitoring of businesses being carried |
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| | on under licences and its determinations to issue, renew or vary a licence under |
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| | the provisions of this Act. |
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| | (2) | The Secretary of State will after a period of no more than five years, consult on |
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| | and publish an assessment of the impact the Act has had in terms of regulatory |
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| | burden and harmonisation with European Directives.’. |
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| | Office of Fair Trading: further duties |
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| To move the following Clause:— |
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| | ‘(1) | The Office of Fair Trading (OFT) shall consult other financial agencies and |
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| | produce a standard requirement for the presentation of interest rates to enable |
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| | direct comparison between products. |
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| | (2) | The OFT shall periodically, and at least annually, publish the range of interest |
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| | rates on the market for specified products. |
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| | (3) | The OFT shall further publish court rulings and advice of the ombudsman on |
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| | levels of interest rates for particular products which are likely to be deemed unfair |
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| | Order of the House [13th January 2005] |
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| | That the following provisions shall apply to the Consumer Credit Bill: |
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| | 1. | The Bill shall be committed to a Standing Committee |
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| | Proceedings in Standing Committee |
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| | 2. | Proceedings in the Standing Committee shall (so far as not previously |
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| | concluded) be brought to a conclusion on Thursday 3rd February 2005. |
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| | 3. | The Standing Committee shall have leave to sit twice on the first day on |
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| | Consideration and Third Reading |
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| | 4. | Proceedings on consideration shall (so far as not previously concluded) be |
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| | brought to a conclusion one hour before the moment of interruption on the |
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| | day on which those proceedings are commenced. |
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| | 5. | Proceedings on Third Reading shall (so far as not previously concluded) be |
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