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Consumer Credit Act 2006

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Consumer Credit Act 2006. For other versions of these Explanatory Notes, see More Resources.

  1. Introduction

  2. Summary

  3. Short Background

  4. The Act

  5. Interpretation

  6. Commentary on Sections

    1. Agreements Regulated under the 1974 Act

      1. Section 1: Definition of “individual”

      2. Section 2: Removal of financial limits

      3. Section 3: Exemption relating to high net worth debtors and hirers

      4. Section 4: Exemption relating to businesses

      5. Section 5: Consequential amendments relating to ss. 1 to 4

  7. Statements to Be Provided in Relation to Regulated Agreements

    1. Section 6: Statements to be provided in relation to fixed-sum credit agreements

    2. Section 7: Further provision relating to statements

  8. Default under Regulated Agreements

    1. Section 8: OFT to prepare information sheets on arrears and default

    2. Section 9: Notice of sums in arrears under fixed-sum credit agreements

    3. Section 10: Notice of sums in arrears under running-account credit agreements

    4. Section 11: Failure to give notice of sums in arrears

    5. Section 12: Notice of default sums

    6. Section 13: Interest on default sums

    7. Section 14: Default notices

    8. Section 15: Enforceability of regulated agreements

    9. Section 16: Time orders

    10. Section 17: Interest payable on judgment debts

    11. Section 18: Definition of “default sum”

  9. Unfair Relationships

    1. Section 19: Unfair relationships between creditors and debtors

    2. Section 20: Powers of the court in relation to unfair relationships

    3. Section 21: Interpretation of ss.140A and 140B of the 1974 Act

    4. Section 22: Further provision relating to unfair relationships

  10. Businesses Requiring a Licence and Consequences of Not Being Licensed

    1. Section 23: Definitions of consumer credit business and consumer hire business

    2. Section 24: Debt administration

    3. Section 25: Credit information services

    4. Section 26: Enforcement of agreements by unlicensed trader

  11. Applications for Licences and Fitness to Hold a Licence Etc.

    1. Section 27: Charge on applicants for licences

    2. Section 28: Applications for standard licences

    3. Section 29: Issue of standard licences

    4. Section 30: Guidance on fitness test

    5. Section 31: Variation of licences

    6. Section 32: Winding up of standard licensee’s business

    7. Section 33: Consequential amendments relating to sections 27 to 32

  12. Duration of Licences

    1. Section 34: Definite and indefinite licences

    2. Sections 35 - 37: Charges for indefinite licences

  13. Further Powers of Oft to Regulate Conduct of Licensees Etc.

    1. Section 38: Power of OFT to impose requirements on licensees

    2. Section 39: Power of OFT to impose requirements on supervisory bodies

    3. Section 40: Supplementary provision relating to requirements

    4. Section 41: Procedure in relation to requirements

    5. Section 42: Guidance on requirements

    6. Section 43: Consequential amendments relating to requirements

  14. Powers and Duties in Relation to Information

    1. Section 44: Provision of information by applicants

    2. Section 45: Duties to notify changes in information

    3. Section 46: Power of OFT to require information generally

    4. Section 47: Power of OFT to require access to premises

    5. Section 48: Entry to premises under warrant

    6. Section 49: Failure to comply with information requirement

    7. Section 50: Officers of enforcement authorities other than OFT

    8. Section 51: Consequential amendments relating to information

  15. Civil Penalties

    1. Section 52: Power of OFT to impose civil penalties

    2. Section 53: Further provision relating to civil penalties

    3. Section 54: Statement of policy in relation to civil penalties

  16. Appeals

    1. Section 55: The Consumer Credit Appeals Tribunal

    2. Section 56: Appeals to the Consumer Credit Appeals Tribunal

    3. Section 57: Appeals from the Consumer Credit Appeals Tribunal

    4. Section 58: Consequential amendments relating to appeals

  17. Ombudsman Scheme

    1. Section 59: Financial Services Ombudsman scheme to apply to consumer credit licensees

    2. Section 60: Funding of ombudsman scheme

    3. Section 61: Consequential amendments relating to ombudsman scheme

  18. Miscellaneous

    1. Section 62: Monitoring of businesses by OFT

    2. Section 63: Disapplication of section 101 of the 1974 Act

    3. Section 64: Determinations by OFT

  19. Schedules

    1. Schedule 1: The consumer credit appeals tribunal

    2. Schedule 2: The consumer credit jurisdiction

    3. Schedule 3: Transitional provision and savings

  20. Territorial Application

  21. Commencement Date

  22. Hansard References

  • Explanatory Notes Table of contents

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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