Search Legislation

The Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Opening Options

 Help about opening options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more

Statutory Instruments

1983 No. 1560

CONSUMER CREDIT

The Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983

Made

24th October 1983

Laid before Parliament

3rd November 1983

Coming into Operation

19th May 1985

The Secretary of State, in exercise of the powers conferred on him by sections 19(4), 69(5), 96(3) and 189(1) of the Consumer Credit Act 1974 and of all other powers enabling him in that behalf, hereby makes the following Regulations:—

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983 and shall come into operation on 19th May 1985.

(2) In these Regulations—

the Act” means the Consumer Credit Act 1974;

contract of insurancehas the same meaning as it has in the Insurance Companies Act 1982;

deposithas the same meaning as in the Banking Act 1979; and

guarantee of goods” means anything in writing which contains or purports to contain some promise or assurance (however worded or presented) that defects in goods will be made good by complete or partial replacement, or by repair, monetary compensation or otherwise.

Exempted linked transactions

2.—(1) The linked transactions of the descriptions specified in paragraph (2) below shall be excluded from—

(a)the operation of section 19(3) of the Act (which provides that a linked transaction entered into before the making of the regulated consumer credit agreement or regulated consumer hire agreement to which it relates has no effect until such time (if any) as that agreement is made);

(b)section 69(1)(i) and (ii) (which provides that a notice of cancellation served by the debtor or hirer under a cancellable agreement shall operate to cancel any linked transaction and to withdraw any offer by the debtor or hirer, or his relative, to enter into a linked transaction); and

(c)the operation of section 96(1) (which provides that where the indebtedness of the debtor under a regulated consumer credit agreement is discharged before the time fixed by the agreement, he, and any relative of his, shall be discharged from any liability under a linked transaction, other than a debt which has already become payable).

(2) The linked transactions referred to in paragraph (1) above are as follows—

(a)contracts of insurance;

(b)other contracts in so far as they contain a guarantee of goods; or

(c)transactions comprising or effected under—

(i)any agreement for the operation of any account (including any savings account) for the deposit of money; or

(ii)any agreement for the operation of a current account, under which the customer may, by means of cheques or similar orders payable to himself or to any other person, obtain or have the use of money held or made available by the person with whom the account is kept and which records alterations in the financial relationship between the said person and the customer.

Alexander Fletcher

Parliamentary Under-Secretary of State

Department of Trade and Industry

24th October 1983

EXPLANATORY NOTE

These Regulations exclude certain transactions (“linked transactions”) associated with consumer credit agreements and consumer hire agreements regulated by the Consumer Credit Act 1974 from the operation of sections 19(3), 69(1)(i) and (ii) and 96(1) of the Act. These sections relate respectively to the entry into effect of linked transactions, their cancellation and the discharge of the debtor's liabilities under them. The exempted linked transactions are:—

(a) contracts of insurance;

(b) other contracts in so far as they contain a guarantee of goods;

(c) transactions comprising or effected under agreements for the operation of deposit and current accounts.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources