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Citation, commencement and interpretation

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

(2) In these Regulations, “the Act” means the Consumer Credit Act 1974.

Prescribed periods

2.—(1) The period of 14 days is hereby prescribed for the purposes of section 121(1) of the Act (the minimum period of notice which must, subject to Regulation 3 below, be given by the creditor to the debtor of the intention to sell an article taken in pawn which has become realisable by the creditor).

(2) The period of 20 working days is hereby prescribed for the purposes of section 121(2) of the Act (the period within which, after the sale takes place of an article taken in pawn which has become realisable by the creditor, he must give to the debtor the prescribed information in writing as to the sale, its proceeds and expenses).

Exceptions to the requirement to give notice of the intention to sell

3.  Where any article taken in pawn which has become realisable by the creditor is security for fixed-sum credit not exceeding £50 or running-account credit on which the credit limit does not exceed £50, the creditor shall not be required to give notice under section 121(1) of the Act to the debtor of the intention to sell the article.

Particulars to be indicated in a notice of the intention to sell

4.  The particulars specified in Schedule 1 to these Regulations shall be indicated, in addition to the asking price, in any notice given under section 121(1) of the Act to the debtor of the intention to sell an article taken in pawn under a regulated consumer credit agreement which has become realisable by the creditor.

Information to be given as to the sale, its proceeds and expenses

5.  The information specified in Schedule 2 to these Regulations shall be given under section 121(2) of the Act in writing, by the creditor to the debtor, after the sale takes place of an article taken in pawn under a regulated consumer credit agreement which has become realisable by the creditor, as to the sale, its proceeds and expenses.

Alexander Fletcher

Parliamentary Under-Secretary of State

Department of Trade and Industry

24th October 1983