Consumer Credit Bill

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House of Commons

Session 2004 - 05
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Other Bills before Parliament

Consumer Credit Bill

Consumer Credit Bill

[AS AMENDED IN STANDING COMMITTEE E]

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

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Consumer Credit Bill
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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 and charges
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

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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

© Parliamentary copyright 2005
Revised 28 January 2005