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| | | Negatived on division nc1 |
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| | To move the following Clause:— |
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| | | ‘After section 36F of the 1974 Act (inserted by section 50 of this Act) insert— |
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| | | ‘authorised person’ means a consumer credit business, or consumer hire |
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| | | business, or an ancillary credit business or any person acting on behalf of |
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| | | ‘credit reference agency’ means any person within the meaning of |
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| | | section 145(8) and who holds a licence in respect of such activities under |
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| | | all reference to ‘debtor’ shall include a reference to hirer and all |
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| | | references to credit shall include a reference to hire. |
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| | | (2) | Any authorised person may, provided the conditions in subsection (3) |
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| | | below are satisfied, disclose to a credit reference agency, and the |
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| | | authorised person and credit reference agency may use, any information |
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| | | relating to the credit history or financial standing of any debtor of the |
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| | | authorised person, for the purposes referred to in subsection (4) below, |
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| | | notwithstanding any enactment or rule of law prohibiting or restricting |
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| | | the disclosure or use of, or authorising the withholding of, such |
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| | | (3) | The conditions referred to in subsection (2) above are that— |
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| | | (a) | the authorised person has notified the debtor that it may disclose |
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| | | the debtor’s information under this section; and |
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| | | (b) | the debtor has not, within 28 days of the date of notification, |
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| | | informed the authorised person in writing that he objects to such |
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| | | disclosure of his information. |
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| | | (4) | For the purposes of subsection (2) above, the permitted purposes are— |
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| | | (a) | vetting applications for credit or applications that can result in |
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| | | the giving of credit or giving of any guarantee, indemnity, or |
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| | | assurance in relation to the giving of credit; |
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| | | (b) | verifying the identity of the debtor or any applicant for credit, for |
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| | | the purpose of or in connection with an application for credit, or |
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| | | for any other purpose relevant to the financial standing of the |
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| | | debtor, including the prevention of money laundering; |
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| | | (c) | managing credit accounts including debt tracing and recovery; |
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| | | (d) | preventing, detecting or apprehending crime, and for the |
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| | | enforcement of criminal law whether in England and Wales or |
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| | | elsewhere including the tracing and recovery of any sanctions |
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| | | (e) | statistical analysis of credit risk assessment in a case where no |
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| | | individual is referred to by name or necessary implication; |
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| | | (f) | any other purpose to which the debtor subsequently consents; |
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| | | (g) | any other purpose specified in an Order made by the Secretary of |
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| | | State for the purpose of this subsection (4). |
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| | | ‘application for credit’ includes an application to refinance or reschedule |
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| | | an existing credit agreement;
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| | | ‘credit reference services’ means the furnishing of persons with |
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| | | information relevant to financial standing of individuals, which is |
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| | | information collected by the person furnishing the purpose of so |
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| | To move the following Clause:— |
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| | | ‘(1) | Any notice served to a hirer or debtor under the provision of the 1974 Act shall |
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| | | (a) | formats suitable for persons who are blind or partially sighted, or |
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| | | (b) | languages other than English or Welsh. |
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| | | (2) | It shall be the responsibility of the hirer or debtor to request a notice in a format |
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| | | as set out in subsection (1).’. |
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| | To move the following Clause:— |
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| | | ‘After section 1 of the 1974 Act insert— |
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| | | (1) | In discharging its functions under this Act to regulate the conduct of |
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| | | licensees, the OFT must, so far as is reasonably possible, act in a way— |
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| | | (a) | which is compatible with the regulatory objectives set out in |
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| | | subsection (2) below; and |
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| | | (b) | which the OFT considers most appropriate for the purpose of |
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| | | meeting those objectives. |
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| | | (2) | The regulatory objectives are— |
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| | | (a) | lender confidence, to ensure the widest possible access to credit; |
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| | | (b) | the protection of consumers; and |
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| | | (c) | the national interest in having an efficient and innovative |
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| | | (3) | In discharging its functions to issue guidance and regulate the conduct of |
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| | | licensees the OFT must have regard to— |
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| | | (a) | the principle that a burden or restriction which is imposed on a |
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| | | person, or on the carrying on of an activity, should be |
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| | | proportionate to the benefits, considered in general terms, which |
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| | | are expected to result from the imposition of that burden or |
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| | | (b) | the desirability of facilitating innovation in connection with |
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| | | (c) | the desirability of maintaining a competitive market in consumer |
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| | | credit in the United Kingdom; and |
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| | | (d) | the need to minimise the adverse effects on competition that may |
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| | | arise from anything done in the discharge of its functions.”.’. |
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| | | Standardisation of interest rate calculations |
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| | To move the following Clause:— |
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| | | ‘(1) | The Secretary of State may, by regulations, provide for the standardisation of |
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| | | interest rate calculation for specified consumer credit agreements. |
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| | | (2) | In making regulations under subsection (1), the Secretary of State shall have |
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| | | regard to the methods of interest calculation current at that time.’. |
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| | To move the following Clause:— |
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| | | ‘(1) | The OFT shall publish a report each year after the passing of this Act reviewing |
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| | | its duties as provided for under the 1974 Act, as amended by this Act. |
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| | | (2) | Reports made by the OFT under subsection (1) shall also review the work of any |
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| | | enforcement authorities, including local Trading Standards Services, who have |
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| | | acted on behalf of OFT as provided for under section 50. |
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| | | (3) | The Secretary of State shall take any report made by the OFT under subsection |
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| | | (1) into consideration when issuing regulations in relation to the 1974 Act, as |
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| | Page 8, line 16 [Clause 9], at end insert— |
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| | | ‘(9A) | If an agreement mentioned in subsection (9) was made before the beginning of |
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| | | the relevant period, only amounts resulting from failures by the debtor or hirer to |
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| | | make payments he is required to have made during that period shall be taken into |
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| | | account in determining any shortfall for the purposes of subsection (1)(c). |
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| | | (9B) | In subsection (9A) “relevant period” means the period of 20 weeks ending with |
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| | | the day on which the debtor or hirer is required to have made the most recent |
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| | | payment under the agreement.’. |
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| | Page 8, line 20 [Clause 9], at end add— |
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| | | ‘(11) | This section shall not apply if there is no prejudice to the interests of the debtor |
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| | Page 14, line 11 [Clause 19], at end insert— |
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| | | ‘(2A) | In making a determination under this section, a court shall have regard to |
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| | | guidance published periodically by the OFT. |
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| | | (2B) | Guidance produced by the OFT under subsection (2A) shall be approved by the |
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| | | Secretary of State before publication.’. |
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| | Page 39, line 22 [Clause 46], at end add— |
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| | | ‘(7) | Nothing in this section shall authorise the disclosure of documents or information |
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| | | subject to legal privilege.’. |
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| | Page 41, line 19 [Clause 48], leave out ‘includes a reference to’ and insert ‘means’. |
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| | Page 54, line 33 [Clause 71], at end insert— |
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| | | ‘(2A) | The Secretary of State shall not make an order under subsection (2) bringing into |
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| | | force sections 19 to 21 of this Act until advice and information has been published |
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| | | by the OFT in accordance with section 140D of the 1974 Act.’. |
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