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3. The Schedule to this Order shall have effect for the purpose of further amending paragraph 5 of Schedule 3 to the Act (which makes certain transitional provisions in relation to the licensing of consumer credit and consumer hire businesses) as amended by article 3(1) of the Consumer Credit Act 1974 (Commencement No. 2) Order 1977(1), and accordingly the said article 3(1), so far as it relates to the said paragraph 5, shall cease to have effect.