Consumer Credit Act 1974

74 Exclusion of certain agreements from Part V. U.K.

(1) This Part (except section 56) does not apply to—

(a) a non-commercial agreement, or

(b) a debtor-creditor agreement enabling the debtor to overdraw on a current account, or

(c) a debtor-creditor agreement to finance the making of such payments arising on, or connected with, the death of a person as may be prescribed.

(2) This Part (except sections 55 and 56) does not apply to a small debtor-creditor-supplier agreement for restricted-use credit.

[F1 (2A) In the case of an agreement to which the Consumer Protection (Cancellation of Contracts Concluded away from Business Premises) Regulations 1987 apply the reference in subsection (2) to a small agreement shall be construed as if in section 17(1)(a) and (b) “£35 ” were substituted for “£50 ”.]

(3) Subsection (1)(b) or (c) applies only where the [F2 OFT] so determines, and such a determination—

(a) may be made subject to such conditions as the [F2 OFT] thinks fit, and

(b) shall be made only if the [F2 OFT] is of the opinion that it is not against the interests of debtors.

[F3 (3A) Notwithstanding anything in subsection (3)(b) above, in relation to a debtor-creditor agreement under which the creditor is the Bank of England or a bank within the meaning of the Bankers’ Books Evidence Act 1879, the [F2 OFT] shall make a determination that subsection (1)(b) above applies unless [F4 it] considers that it would be against the public interest to do so]

(4) If any term of an agreement falling within subsection [F5 (1)(c)] or (2) is expressed in writing, regulations under section 60(1) shall apply to that term (subject to section 60(3)) as if the agreement were a regulated agreement not falling within subsection [F5 (1)(c)] or (2).

Textual Amendments

F1 S. 74(2A) added by S.I. 1987/2117, reg. 9

F2 Words in s. 74 substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(25)(a); S.I. 2003/766, art. 2, Sch. (with art. 3)

F3 S. 74(3A) inserted by Banking Act 1979 (c. 37, SIF 10), s. 38(1)

F4 Word in s. 74(3A) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(25)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F5 “(1)(c) ” substituted by Banking Act 1979 (c. 37, SIF 10), s. 38(1)