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Statutory Instruments

1983 No. 1569

CONSUMER CREDIT

The Consumer Credit (Prescribed Periods for Giving Information) 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 77(1), 78(1), 79(1), 103(1), 107(1), 108(1), 109(1), 110(1) 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 (Prescribed Periods for Giving Information) Regulations 1983 and shall come into operation on 19th May 1985.

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

Prescribed period

2.  The period of 12 working days is hereby prescribed for the purposes of each provision of the Act specified in Column 1 of the Schedule to these Regulations relating to the duty indicated in Column 2 in relation to regulated agreements.

Alexander Fletcher

Parliamentary Under-Secretary of State

Department of Trade and Industry

24th October 1983

Regulation 2

SCHEDULESECTIONS OF THE ACT IN RESPECT OF WHICH A PERIOD OF 12 WORKING DAYS IS PRESCRIBED RELATING TO DUTIES IN RELATION TO REGULATED AGREEMENTS

SECTION OF THE ACTDUTY
(1)(2)
77(1)Duty to give information to debtor under fixed-sum credit agreement.
78(1)Duty to give information to debtor under running-account credit agreement.
79(1)Duty to give information to hirer under consumer hire agreement.
103(1)Duty to give debtor or hirer under a regulated agreement termination statement or serve counter-notice.
107(1)Duty to give information to surety under fixed-sum credit agreement.
108(1)Duty to give information to surety under running-account credit agreement.
109(1)Duty to give information to surety under consumer hire agreement.
110(1)Duty to give debtor or hirer copy of any security instrument executed in relation to agreement after making of agreement.

EXPLANATORY NOTE

Under sections 77(1), 78(1), 79(1), 103(1), 107(1), 108(1), 109(1) and 110(1) of the Consumer Credit Act 1974, certain information must be given to debtors, hirers and sureties under agreements regulated by the Act where they give a written request or notice to that effect and pay any required fee. These Regulations prescribe the period of 12 working days after receipt of that request or notice for the provision of that information.

By virtue of paragraphs 17(2), 35 and 37(2) of Schedule 3 to the Act, sections 77 to 79, 103 and 107 to 110 apply to existing agreements where the agreement would have been a regulated agreement if made on the date of coming into operation of those sections.