House of Commons portcullis
House of Commons
Session 2005 - 06
Internet Publications
Other Bills before Parliament


S.C.D.  Standing Committee Proceedings: 28th June 2005            



Consumer Credit Bill, continued



Where a creditor has loaned money for the purpose of a speculative land-


packaging deal, all funds shall be repayable, plus interest, after a period of two


years, if the deal has not been completed and planning permission obtained.



The Secretary of State shall, by regulation, determine the level of interest to be


paid under subsection (1).’.



Data sharing


Norman Lamb


Not selected  nc7


Parliamentary Star    

To move the following Clause:—



In this section—



“authorised person” means a consumer credit busines, or consumer hire


business, or an ancillary credit business, or any person acting on behalf


of any such business;



“credit reference agency” means any person within the meaning of


section 145(8) and who holds a licence in respect of such activities under


Part III of this Act; and



all reference to “debtor” shall include a reference to hirer and all


references to credit shall include a reference to hire.



Any authorised person may, provided the conditions in subsection (3) below are


satisfied, disclose to a credit reference agency and the authorised person and


credit reference agency may use, any information relating to the credit history or


financial standing of any debtor of the authorised person, for the purposes


referred to in subsection (4) below, notwithstanding any enactment or rule of law


prohibiting or restricting the disclosure or use of or authorising the withholding


of such information.



The conditions referred to in subsection (2) are that—



the authorised person has notified the debtor that it may disclose the


debtor’s or hirer’s information under this section; and



the debtor has not, within 28 days of the date of notification, informed the


authorised person in writing that he objects to such disclosure of his





For the purposes of subsection (2) above, the permitted purposes are—



vetting applications for credit or applications that can result in the giving


of credit or giving of any guarantee, indemnity, or assurance in relation


to the giving of credit;



verifying the identity of the debtor or any applicant for credit, for the


purpose of, or in connection with, an application for credit, or for any


other purpose relevant to the financial standing of the debtor, including


the prevention of money laundering;



managing credit accounts, including debt tracing and recovery;



preventing, detecting or apprehending crime, and for the enforcement of


criminal law (whether in England and Wales or elsewhere) including the


tracing and recovery of any sanctions imposed thereunder;



statistical analysis of credit risk assessment in a case where no individual


is referred to by name or necessary implication;


S.C.D.  Standing Committee Proceedings: 28th June 2005            



Consumer Credit Bill, continued



any other purpose which the debtor subsequently consents to; and



any other purpose specified in an Order made by the Secretary of State


for the purpose of this subsection (4).



In this section—



“application for credit” includes an application to refinance or reschedule


an existing credit agreement; and



“credit reference services” means the furnishing of persons with


information relevant to financial standing of individuals, which is


information collected by the person furnishing the purpose of so


furnishing it.’.


Bill, as amended, to be reported.


previous section contents
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2005
Revised 29 June 2005