Part I OFFICE OF FAIR TRADING
1. General functions of OFT.
2. Powers of Secretary of State.
3. Supervision by Council on Tribunals.
4. Dissemination of information and advice.
5. Annual and other reports.
6. Form etc. of applications.
6A.Charge on applicants for licences etc.
7. Penalty for false information.
Part II Credit Agreements, Hire Agreements and Linked Transactions
8. Consumer credit agreements.
9. Meaning of credit.
10. Running-account credit and fixed-sum credit.
11. Restricted-use credit and unrestricted-use credit.
12. Debtor-creditor supplier agreements.
13. Debtor-creditor agreements.
14. Credit-token agreements.
15. Consumer hire agreements.
16. Exempt agreements.
16A.Exemption relating to high net worth debtors and hirers
16B.Exemption relating to businesses
16C.Exemption relating to investment properties
17. Small agreements.
18. Multiple agreements.
19. Linked transactions.
20. Total charge for credit.
Part III Licensing of Credit and Hire Businesses
21. Businesses needing a licence.
22. Standard and group licences.
23. Authorisation of specific activities.
24. Control of name of business.
24A.Applications for standard licences
25. Licensee to be a fit person.
25A.Guidance on fitness test
26. Conduct of business
Issue of licences
27. Determination of applications.
27A.Consumer credit EEA firms
28. Exclusion from group licence.
Charges for indefinite licences
28A.Charges to be paid by licensees etc. before end of payment periods
28B.Extension of period to pay charge under s. 28A
28C.Failure to pay charge under s. 28A
Renewal, variation, suspension and revocation of licences
30. Variation by request.
31. Compulsory variation.
32. Suspension and revocation.
33. Application to end suspension.
Further powers of OFT to regulate conduct of licensees etc.
33A.Power of OFT to impose requirements on licensees
33B.Power of OFT to impose requirements on supervisory bodies
33C.Supplementary provision relating to requirements
33D.Procedure in relation to requirements
33E.Guidance on requirements
34. Representations to OFT.
34A.Winding-up of standard licensee's business
35. The register.
36. Duty to notify changes.
36A.Further duties to notify changes etc.
36B.Power of OFT to require information generally
36C.Power of OFT to require access to premises
36D.Entry to premises under warrant
36E.Failure to comply with information requirement
36F.Officers of enforcement authorities other than OFT
37. Death, bankruptcy etc. of licensee.
38. Application of s. 37 to Scotland and Northern Ireland.
39. Offences against Part III.
39A.Power of OFT to impose civil penalties
39B.Further provision relating to civil penalties
39C.Statement of policy in relation to civil penalties
40. Enforcement of agreements made by unlicensed trader.
40A.The Consumer Credit Appeals Tribunal
41. Appeals to First-tier Tribunal under Part III.
41ZA.Tribunal Procedure Rules: suspension of OFT determinations
41ZB.Disposal of appeals
41A.Appeals from the Consumer Credit Appeals Tribunal
42.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part IV Seeking Business
43. Advertisements to which Part IV applies.
44. Form and content of advertisements.
45. Prohibition of advertisement where goods etc. not sold for cash.
46. False or misleading advertisements.
47. Advertising infringements.
48. Definition of canvassing off trade premises (regulated agreements).
49. Prohibition of canvassing debtor-creditor agreements off trade premises.
50. Circulars to minors.
51. Prohibition of unsolicited credit-tokens.
51A.Restrictions on provision of credit card cheques
51B.Section 51A: exemption for business
53. Duty to display information.
54. Conduct of business regulations.
Part V Entry into Credit or Hire Agreements
55. Disclosure of information.
55A.Pre-contractual explanations etc
55B.Assessment of creditworthiness
55C.Copy of draft consumer credit agreement
56. Antecedent negotiations.
57. Withdrawal from prospective agreement.
58. Opportunity for withdrawal from prospective land mortgage.
59. Agreement to enter future agreement void.
Making the agreement
60. Form and content of agreements.
61. Signing of agreement.
61A.Duty to supply copy of executed consumer credit agreement
61B.Duty to supply copy of overdraft agreement
62. Duty to supply copy of unexecuted agreement : excluded agreements.
63. Duty to supply copy of executed agreement : excluded agreements.
64. Duty to give notice of cancellation rights.
65. Consequences of improper execution.
66. Acceptance of credit-tokens.
Withdrawal from certain agreements
66A.Withdrawal from consumer credit agreement
Cancellation of certain agreements within cooling-off period
67. Cancellable agreements.
68. Cooling-off period.
69. Notice of cancellation.
70. Cancellation: recovery of money paid by debtor or hirer.
71. Cancellation: repayment of credit.
72. Cancellation: return of goods.
73. Cancellation: goods given in part-exchange.
Exclusion of certain agreements from Part V
74. Exclusion of certain agreements from Part V.
PART VA CURRENT ACCOUNT OVERDRAFTS
74A.Information to be provided on a current account agreement
74B.Information to be provided on significant overdrawing without prior arrangement
Part VI Matters Arising During Currency of Credit or Hire Agreements
75. Liability of creditor for breaches by supplier.
75A.Further provision for liability of creditor for breaches by supplier
76. Duty to give notice before taking certain action.
77. Duty to give information to debtor under fixed-sum credit agreement.
77A.Statements to be provided in relation to fixed-sum credit agreements
77B.Fixed-sum credit agreement: statement of account to be provided on request
78. Duty to give information to debtor under running-account credit agreement.
78A.Duty to give information to debtor on change of rate of interest
79. Duty to give hirer information.
80. Debtor or hirer to give information about goods.
81. Appropriation of payments.
82. Variation of agreements.
82A.Assignment of rights
83. Liability for misuse of credit facilities.
84. Misuse of credit-tokens.
85. Duty on issue of new credit-tokens.
86. Death of debtor or hirer.
86A.OFT to prepare information sheets on arrears and default
Sums in arrears and default sums
86B.Notice of sums in arrears under fixed-sum credit agreements etc.
86C.Notice of sums in arrears under running-account credit agreements
86D.Failure to give notice of sums in arrears
86E.Notice of default sums
86F.Interest on default sums
Part VII Default and Termination
87. Need for default notice.
88. Contents and effect of default notice.
89. Compliance with default notice.
Further restriction of remedies for default
90. Retaking of protected hire-purchase etc. goods.
91. Consequences of breach of s. 90.
92. Recovery of possession of goods or land.
93. Interest not to be increased on default.
93A. Summary diligence not competent in Scotland.
Early payment by debtor
94. Right to complete payments ahead of time.
95. Rebate on early settlement.
95B.Compensatory amount: green deal finance
96. Effect on linked transactions.
97. Duty to give information.
97A.Duty to give information on partial repayment
Termination of agreements
98. Duty to give notice of termination (non-default cases).
98A.Termination etc of open-end consumer credit agreements
99. Right to terminate hire-purchase etc. agreements.
100. Liability of debtor on termination of hire-purchase etc. agreement.
101. Right to terminate hire agreement.
102. Agency for receiving notice of rescission.
103. Termination statements.
104. Goods not to be treated as subject to landlord’s hypothec in Scotland.
Part VIII Security
105. Form and content of securities.
106. Ineffective securities.
107. Duty to give information to surety under fixed-sum credit agreement.
108. Duty to give information to surety under running-account credit agreement.
109. Duty to give information to surety under consumer hire agreement.
110. Duty to give information to debtor or hirer.
111. Duty to give surety copy of default etc. notice.
112. Realisation of securities.
113. Act not to be evaded by use of security.
115. Penalty for failure to supply copies of pledge agreement, etc.
116. Redemption period.
117. Redemption procedure.
118. Loss etc. of pawn-receipt.
119. Unreasonable refusal to deliver pawn.
120. Consequence of failure to redeem.
121. Realisation of pawn.
122. Order in Scotland to deliver pawn.
123. Restrictions on taking and negotiating instruments.
124. Consequences of breach of s. 123.
125. Holders in due course.
126. Enforcement of land mortgages.
Part IX Judicial Control
Enforcement of certain regulated agreements and securities
127. Enforcement orders in cases of infringement.
128. Enforcement orders on death of debtor or hirer.
Extension of time
129. Time orders.
129A.Debtor or hirer to give notice of intent etc. to creditor or owner
130. Supplemental provisions about time orders.
130A.Interest payable on judgment debts etc.
Protection of property pending proceedings
131. Protection orders.
Hire and hire-purchase etc. agreements
132. Financial relief for hirer.
133. Hire-purchase etc. agreements: special powers of court.
134. Evidence of adverse detention in hire-purchase etc. cases.
Supplemental provisions as to orders
135. Power to impose conditions, or suspend operation of order.
136. Power to vary agreements and securities.
Extortionate credit bargains
137. Extortionate credit bargains.
138. When bargains are extortionate.
139. Reopening of extortionate agreements.
140. Interpretation of sections 137 to 139.
140A.Unfair relationships between creditors and debtors
140B.Powers of court in relation to unfair relationships
140C.Interpretation of ss. 140A and 140B
140D.Advice and information
141. Jurisdiction and parties.
142. Power to declare rights of parties.
143. Jurisdiction of county court in Northern Ireland.
144. Appeal from county court in Northern Ireland.
Part X Ancillary Credit Businesses
145. Types of ancillary credit business.
146. Exceptions from section 145.
147. Application of Part III.
148. Agreement for services of unlicensed trader.
149. Regulated agreements made on introductions by unlicensed credit-broker.
150. Appeals to Secretary of State against licensing decisions.
152. Application of sections 52 to 54 to credit brokerage etc.
153. Definition of canvassing off trade premises (agreements for ancillary credit services).
154. Prohibition of canvassing certain ancillary credit services off trade premises.
155. Right to recover brokerage fees.
Entry into agreements
156. Entry into agreements.
Credit reference agencies
157. Duty to disclose name etc. of agency.
158. Duty of agency to disclose filed information.
159. Correction of wrong information.
160. Alternative procedure for business consumers.
Part XI Enforcement of Act
161. Enforcement authorities.
162. Powers of entry and inspection.
163. Compensation for loss.
164. Power to make test purchases etc.
165. Obstruction of authorised officers.
166. Notification of convictions and judgments to OFT.
169. Offences by bodies corporate.
170. No further sanctions for breach of Act.
171. Onus of proof in various proceedings.
172. Statements by creditor or owner to be binding.
173. Contracting-out forbidden.
Part XII Supplemental
174. Restrictions on disclosure of information.
174A.Powers to require provision of information or documents etc.
175. Duty of persons deemed to be agents.
176. Service of documents.
176A.Electronic transmission of documents
177. Saving for registered charges.
178. Local Acts.
Regulations, orders, etc.
179. Power to prescribe form etc. of secondary documents.
180. Power to prescribe form etc. of copies.
181. Power to alter monetary limits etc.
182. Regulations and orders.
183. Determinations etc. by OFT.
185. Agreement with more than one debtor or hirer.
186. Agreement with more than one creditor or owner.
187. Arrangements between creditor and supplier.
187A.Definition of ‘default sum’
188. Examples of use of new terminology.
189A. Meaning of “consumer credit EEA firm ”
190. Financial provisions.
191. Special provisions as to Northern Ireland.
192. Transitional and commencement provisions, amendments and repeals.
193. Short title and extent.
The Consumer Credit Appeals Tribunal
Part 1 Interpretation
1.In this Schedule— “the Deputy President” means the Deputy President...
Part 2 The Tribunal
The President and the Deputy President
2.(1) The Lord Chancellor shall appoint one of the members...
3.(1) The Lord Chancellor shall appoint a panel of persons...
Terms of office etc.
4.(1) Each member of the panel of chairmen or the...
Remuneration and allowances
5.The Lord Chancellor may pay to a person in respect...
Staff and costs
6.(1) The Lord Chancellor may appoint such staff for the...
Part 3 Constitution of the Tribunal
7.(1) On an appeal to the Tribunal, the persons to...
Part 4 Tribunal powers and procedure
8.The Tribunal shall sit at such times and in such...
9.(1) Subject to sub-paragraph (2), the Tribunal may, on an...
Rules on procedure
10.Rules may include, amongst other things, provision—
Council on Tribunals
11.A member of the Council on Tribunals or of its...
Disposal of appeals
12.(1) The Tribunal shall decide an appeal by reference to...
Decisions of the Tribunal
13.(1) A decision of the Tribunal may be taken by...
14.(1) Where the Tribunal disposes of an appeal and—
15.Where— (a) the Tribunal disposes of an appeal or an...
16.An order of the Tribunal under paragraph 14 or 15...
Prosecution and Punishment of Offences
Examples of Use of New Terminology
Part I Lists of Terms
Transitional and Commencement Provisions
Part II of Act Credit Agreements, Hire Agreements and Linked Transactions
1.(1) An agreement made before 1st April 1977is not a...
2.A transaction may be a linked transaction in relation to...
3.Section 19(3) applies only to transactions entered into on or...
Total charge for credit
4.Section 20 applies to consumer credit agreements whenever made.
Part III of Act Licensing of Credit and Hire Businesses
Businesses needing a licence
5.(1) Section 21 does not apply to the carrying on...
6.Sections 35 and 36 come into operation on 2nd February...
Enforcement of agreements made by unlicensed trader
7.Section 40 does not apply to a regulated agreement made...
Part IV of Act Seeking Business
8.Part IV does not apply to any advertisement published before...
9.Section 49 comes into operation on 1st October 1977.
Circulars to minors
10.Section 50 comes into operation on 1st July 1977.
11.(1) Section 51(1) does not apply to the giving of...
Part V of Act Entry into Credit or Hire Agreements
12.(1) Section 56 applies to negotiations in relation to an...
13.Sections 57 to 59, 61 to 65 and 67 to...
14.Section 66 comes into operation on 19th May 1985.
Part VI of Act Matters Arising During Currency of Credit or Hire Agreements
Liability of creditor for breaches by supplier
15.Section 75 comes into operation on 1st July 1977 but...
Duty to give notice
16.(1) Section 76 comes into operation on 19th May 1985....
Duty to give information
17.(1) Sections 77 to 80 come into operation on 19th...
Appropriation of payments
18.Section 81 comes into operation on 19th May 1985.
Variation of agreements
19.Section 82 comes into operation on 1st April 1977.
Misuse of credit facilities
20.(1) Sections 83 and 84 come into operation on 19th...
Duty on issue of new credit-tokens
21.(1) Section 85 comes into operation on 19th May 1985....
Death of debtor or hirer
22.(1) Section 86 comes into operation on 19th May 1985....
Part VII of Act Default and Termination
23.Sections 87 to 89 come into operation on 19th May...
Retaking of goods and land
24.Sections 90 and 91 come into operation on 19th May...
25.Section 92 comes into operation on 19th May 1985.
Interest on default
26.Section 93 comes into operation on 19th May 1985.
27.Sections 94 to 97 come into operation on 19th May...
28.Section 98 comes into operation on 19th May 1985.
29.Section 99 comes into operation on 19th May 1985.
30.Section 100 comes into operation on 19th May 1985.
31.Section 101 comes into operation on 19th May 1985.
32.Section 102 comes into operation on 19th May 1985.
33.Section 103 comes into operation on 19th May 1985.
34.Section 104 comes into operation on 19th May 1985.
35.Part VII (except sections 90, 91, 93 and 99 to...
Part VIII of Act Security
36.Section 105 comes into operation on 19th May 1985.
37.(1) Sections 107 to 110 come into operation on 19th...
38.(1) Section 111 comes into operation on 19th May 1985....
39.Sections 114 to 122 come into operation on 19th May...
40.Sections 123 to 125 come into operation on 19th May...
41.Section 126 comes into operation on 19th May 1985.
Part IX of Act Judicial Control
42.Sections 137 to 140 (extortionate credit bargains) come into operation...
43.Subject to paragraph 42, Part IX comes into operation on...
Part X of Act Ancillary Credit Businesses
44.(1) Section 21(1) does not apply (by virtue of section...
45.Section 148(1) does not apply to an agreement made in...
Introductions by unlicensed credit-broker
46.Section 149 does not apply to a regulated agreement made...
47.Subsections (1) and (2) of section 151 do not apply...
48.Sections 157 and 158 do not apply to a request...
Part XII of Act Supplemental
49.(1) In the case of an agreement—
50.In section 189, the definition of “local authority ” shall...
MINOR AND CONSEQUENTIAL AMENDMENTS
PART I UNITED KINGDOM
Bills of Sale Act (1878) Amendment Act 1882
1.The following section shall be inserted after section 7 Default...
Factors Act 1889
2.At the end of section 9 insert For the purposes...
3, 4.. . . . . . . . . ....
Law of Distress Amendment Act 1908
5.The following section shall be inserted after section 4— Hire...
Bankruptcy Act 1914
6.The following section shall be inserted after section 38— Hire...
Compensation (Defence) Act 1939
7.In section 13 after “hire-purchase agreement ” insert “or a...
8.In section 17(1)— (1) After the definition of “aircraft ”...
Liability for War Damage (Miscellaneous Provisions) Act 1939
9.In section 1(3), for paragraphs (a) and (b) substitute—
10.. . . . . . . . . ....
Rag Flock and Other Filing Materials Act 1951
11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserve and Auxiliary Forces (Protection of Civil Interest) Act 1951
12.In section 4 for subsections (4), (5) and (6), substitute—...
13.For section 10 substitute— Property in goods subject to hire-purchase...
14.In section 64(I)— (1) after the definition of “compulsory national...
Clean Air Act 1956
15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restrictive Trade Practices Act 1956
17.For section 26(3) substitute— (3) In this Part of this...
Housing Act 1957
18.For section 94 substitute— Power to provide furniture. A local authority may fit out, furnish and supply any...
County Courts Act 1959
19.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20, 21.. . . . . . . . . ....
Hire Purchase Act 1964
22.For Part III substitute the following (which reproduces the existing...
Emergency Laws (Re-enactment and Repeals) Act 1964
23.In section 1— (1) In subsection (1) for “or credit-sale...
Trading Stamps Act 1964
24.In section 2, for subsection (1) substitute— No person shall after the coming into force of this...
25.In section 3, for subsection (4) substitute—
26.In section 10(1)— (1) after the definition of “cash value...
Housing (Scotland) Act 1966
27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trade Descriptions Act 1968
28.In section 28, insert the following new subsection after subsection...
29.. . . . . . . . . ....
Administration of Justice Act 1970
30.After section 38 insert the following new section— This Part of this Act shall not apply to a...
31.In section 54(6)(c) after “36 ” insert “38A ”.
Vehicles (Excise) Act 1971
32.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33.. . . . . . . . . ....
Counter-Inflation Act 1973
34.In section 21(5)— (a) for “total purchase price or hire-purchase...
Supply of Goods (Implied Terms) Act 1973
35.For sections 8 to 12 substitute the following sections (which...
36.For sections 14 and 15 substitute the following sections (which...
Fair Trading Act 1973
37.For section 138(5) substitute— (5) In subsection (4) of this...
Part II NORTHERN IRELAND
Irish Bankrupt and Insolvent Act 1857
38.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bills of Sale (Ireland) Act (1879) Amendment Act 1883
39.The following section shall be inserted after section 7:— Defaults...
Liability for War Damage (Miscellaneous Provisions) Act (Northern Ireland) 1939
40.In section 1(3), for paragraph (a) and (b) substitute—
41, 42.. . . . . . . . . ....
Trading Stamps Act (Northern Ireland) 1965
43.In section 2, for subsection (1) substitute—
44.In section 3, for subsection (4) substitute—
45.In section 9— (1) after the definition of “cash value...
46, 47.. . . . . . . . . ....
48.. . . . . . . . . ....
Hire-Purchase Act (Northern Ireland) 1966
49.For Part VI substitute the following (which reproduces the existing...
Vehicles (Excise) Act (Northern Ireland) 1972
50.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972
51.In section 1(2) for “VII ” where first occurring substitute...