The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
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This section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
(1)The Consumer Credit Act 1974 is amended as follows.
(2)After section 95A (compensatory amount to creditor in relation to early repayment) insert—
(1)This section applies where—
(a)a regulated consumer credit agreement provides for the rate of interest on the credit to be fixed for a period of time (“the fixed rate period”),
(b)the agreement is a green deal plan (within the meaning of section 1 of the Energy Act 2011) which is of a duration specified for the purposes of this section in regulations, and
(c)under section 94 the debtor discharges all or part of his indebtedness during the fixed rate period.
(2)The creditor may claim an amount equal to the cost which the creditor has incurred as a result only of the debtor's indebtedness being discharged during the fixed rate period if—
(a)the amount of the payment under section 94 is not paid from the proceeds of a contract of payment protection insurance, and
(b)such other conditions as may be specified for the purposes of this section in regulations are satisfied.
(3)The amount in subsection (2)—
(a)must be fair,
(b)must be objectively justified,
(c)must be calculated by the creditor in accordance with provision made for the purposes of this section in regulations, and
(d)must not exceed the total amount of interest that would have been paid by the debtor under the agreement in the period from the date on which the debtor makes the payment under section 94 to the date fixed by the agreement for the discharge of the indebtedness of the debtor.
(4)If a creditor could claim under either section 95A or this section, the creditor may choose under which section to claim.”
(3)In section 94 (right to complete payments ahead of time)—
(a)in subsection (1) after “section 95A(2)” insert “ or section 95B(2) ”;
(b)in subsection (5) after “section 95A(2)” insert “ or section 95B(2) ”.
(4)In subsection (2)(c) of section 97A (duty to give information on partial repayment) after “section 95A(2)” insert “ or section 95B(2) ”.
Latest with prospective:Latest with prospective is the latest available (revised) version of the legislation but includes the prospective versions of individual provisions where they exist. This point in time view of the legislation becomes available after clicking a prospective version of a provision via Advanced Features > Show Timeline of Changes.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
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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