Consumer Credit Act 1974

Prospective

[F1 51B Section 51A: exemption for business E+W+S+N.I.

(1) Section 51A does not apply to credit card cheques provided in connection with a credit-token agreement that is entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the debtor.

(2) If a credit-token agreement includes a declaration made by the debtor to the effect that the agreement is entered into as mentioned in subsection (1), the agreement is treated for the purposes of that subsection as having been so entered into.

(3) Subsection (2) does not apply if, when the agreement is entered into—

(a) the creditor, or

(b) any person who has acted on behalf of the creditor in connection with the entering into of the agreement,

knows, or has reasonable cause to suspect, that the agreement is not entered into as mentioned in subsection (1).

(4) The Secretary of State may by order make provision about the form, content and signing of declarations for the purposes of subsection (2).

(5) Where an agreement has two or more creditors, references in subsection (3) to the creditor are to any one or more of them.]

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Amendments (Textual)

F1 Ss. 51A, 51B inserted (prosp.) by Financial Services Act 2010 (c. 28), ss. 15(2), 26