Select Committee on Regulatory Reform Third Report


The Legislative Reform (Consumer Credit) Order and Explanatory Document were laid on 17 June 2008 under section 14(1) of the Legislative Reform Act 2006.

The purpose of the draft Order is to amend the Consumer Credit Act 1974 to exempt buy-to-let lending from regulation, clarify the position on the giving of statements for fixed-sum credit agreements and provide definitions of 'payments' for the purpose of issuing notices of sums in arrears.

We draw notice to the fact that these 'corrective' measures are necessary because of the ill-considered effect of amendments to the 1974 Act by the Consumer Credit Act 2006.

We agree with the Minister's recommendation that the draft Order should be subject to the affirmative resolution procedure.

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Prepared 10 July 2008