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Revised Statute from The UK Statute Law Database

Consumer Credit Act 1974 (c. 39)

This version of this statute is extracted from the UK Statute Law Database (SLD). It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.

There are effects on this legislation that have not yet been applied to SLD for the following year: 2009. See the Tables of Legislative effects and the Update status of legislation page on the SLD website.

Royal arms

Consumer Credit Act 1974

1974 CHAPTER 39

Contents

Go to Preamble

  1. Part I

    OFFICE OF FAIR TRADING

    1. 1. General functions of OFT

    2. 2. Powers of Secretary of State

    3. 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 4. Dissemination of information and advice

    5. 5. Annual and other reports

    6. 6. Form etc. of applications

    7. 6A.Charge on applicants for licences etc

    8. 7. Penalty for false information

  2. Part II

    Credit Agreements, Hire Agreements and Linked Transactions

    1. 8. Consumer credit agreements

    2. 9. Meaning of credit

    3. 10. Running-account credit and fixed-sum credit

    4. 11. Restricted-use credit and unrestricted-use credit

    5. 12. Debtor-creditor supplier agreements

    6. 13. Debtor-creditor agreements

    7. 14. Credit-token agreements

    8. 15. Consumer hire agreements

    9. 16. Exempt agreements

    10. 16A.Exemption relating to high net worth debtors and hirers

    11. 16B.Exemption relating to businesses

    12. 16C.Exemption relating to investment properties

    13. 17. Small agreements

    14. 18. Multiple agreements

    15. 19. Linked transactions

    16. 20. Total charge for credit

  3. Part III

    Licensing of Credit and Hire Businesses

    1. Licensing principles

      1. 21. Businesses needing a licence

      2. 22. Standard and group licences

      3. 23. Authorisation of specific activities

      4. 24. Control of name of business

      5. 24A.Applications for standard licences

      6. 25. Licensee to be a fit person

      7. 25A.Guidance on fitness test

      8. 26. Conduct of business

    2. Issue of licences

      1. 27. Determination of applications

      2. 27A.Consumer credit EEA firms

      3. 28. Exclusion from group licence

    3. [F1Charges for indefinite licences

      1. 28A.Charges to be paid by licensees etc. before end of payment periods

      2. 28B.Extension of period to pay charge under s. 28A

      3. 28C.Failure to pay charge under s. 28A

    4. Renewal, variation, suspension and revocation of licences

      1. 29. Renewal

      2. 30. Variation by request

      3. 31. Compulsory variation

      4. 32. Suspension and revocation

      5. 33. Application to end suspension

    5. [F1Further powers of OFT to regulate conduct of licensees etc

      1. 33A.Power of OFT to impose requirements on licensees

      2. 33B.Power of OFT to impose requirements on supervisory bodies

      3. 33C.Supplementary provision relating to requirements

      4. 33D.Procedure in relation to requirements

      5. 33E.Guidance on requirements

    6. Miscellaneous

      1. 34. Representations to OFT

      2. 34A.Winding-up of standard licensee's business

      3. 35. The register

      4. 36. Duty to notify changes

      5. 36A.Further duties to notify changes etc

      6. 36B.Power of OFT to require information generally

      7. 36C.Power of OFT to require access to premises

      8. 36D.Entry to premises under warrant

      9. 36E.Failure to comply with information requirement

      10. 36F.Officers of enforcement authorities other than OFT

      11. 37. Death, bankruptcy etc. of licensee

      12. 38. Application of s. 37 to Scotland and Northern Ireland

      13. 39. Offences against Part III

      14. 39A.Power of OFT to impose civil penalties

      15. 39B.Further provision relating to civil penalties

      16. 39C.Statement of policy in relation to civil penalties

      17. 40. Enforcement of agreements made by unlicensed trader

    7. [F1Appeals

      1. 40A.The Consumer Credit Appeals Tribunal

      2. 41. Appeals to Secretary of State under Part III

      3. 41A.Appeals from the Consumer Credit Appeals Tribunal

      4. 42.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  4. Part IV

    Seeking Business

    1. Advertising

      1. 43. Advertisements to which Part IV applies

      2. 44. Form and content of advertisements

      3. 45. Prohibition of advertisement where goods etc. not sold for cash

      4. 46. False or misleading advertisements

      5. 47. Advertising infringements

    2. Canvassing etc

      1. 48. Definition of canvassing off trade premises (regulated agreements)

      2. 49. Prohibition of canvassing debtor-creditor agreements off trade premises

      3. 50. Circulars to minors

      4. 51. Prohibition of unsolicited credit-tokens

    3. Miscellaneous

      1. 52. Quotations

      2. 53. Duty to display information

      3. 54. Conduct of business regulations

  5. Part V

    Entry into Credit or Hire Agreements

    1. Preliminary matters

      1. 55. Disclosure of information

      2. 56. Antecedent negotiations

      3. 57. Withdrawal from prospective agreement

      4. 58. Opportunity for withdrawal from prospective land mortgage

      5. 59. Agreement to enter future agreement void

    2. Making the agreement

      1. 60. Form and content of agreements

      2. 61. Signing of agreement

      3. 62. Duty to supply copy of unexecuted agreement

      4. 63. Duty to supply copy of executed agreement

      5. 64. Duty to give notice of cancellation rights

      6. 65. Consequences of improper execution

      7. 66. Acceptance of credit-tokens

    3. Cancellation of certain agreements within cooling-off period

      1. 67. Cancellable agreements

      2. 68. Cooling-off period

      3. 69. Notice of cancellation

      4. 70. Cancellation: recovery of money paid by debtor or hirer

      5. 71. Cancellation: repayment of credit

      6. 72. Cancellation: return of goods

      7. 73. Cancellation: goods given in part-exchange

    4. Exclusion of certain agreements from Part V

      1. 74. Exclusion of certain agreements from Part V

  6. Part VI

    Matters Arising During Currency of Credit or Hire Agreements

    1. 75. Liability of creditor for breaches by supplier

    2. 76. Duty to give notice before taking certain action

    3. 77. Duty to give information to debtor under fixed-sum credit agreement

    4. 77A.Statements to be provided in relation to fixed-sum credit agreements

    5. 78. Duty to give information to debtor under running-account credit agreement

    6. 79. Duty to give hirer information

    7. 80. Debtor or hirer to give information about goods

    8. 81. Appropriation of payments

    9. 82. Variation of agreements

    10. 83. Liability for misuse of credit facilities

    11. 84. Misuse of credit-tokens

    12. 85. Duty on issue of new credit-tokens

    13. 86. Death of debtor or hirer

    14. [F1Information sheets

      1. 86A.OFT to prepare information sheets on arrears and default

    15. [F1Sums in arrears and default sums

      1. 86B.Notice of sums in arrears under fixed-sum credit agreements etc

      2. 86C.Notice of sums in arrears under running-account credit agreements

      3. 86D.Failure to give notice of sums in arrears

      4. 86E.Notice of default sums

      5. 86F.Interest on default sums

  7. Part VII

    Default and Termination

    1. Default notices

      1. 87. Need for default notice

      2. 88. Contents and effect of default notice

      3. 89. Compliance with default notice

    2. Further restriction of remedies for default

      1. 90. Retaking of protected hire-purchase etc. goods

      2. 91. Consequences of breach of s. 90

      3. 92. Recovery of possession of goods or land

      4. 93. Interest not to be increased on default

      5. 93A. Summary diligence not competent in Scotland

    3. Early payment by debtor

      1. 94. Right to complete payments ahead of time

      2. 95. Rebate on early settlement

      3. 96. Effect on linked transactions

      4. 97. Duty to give information

    4. Termination of agreements

      1. 98. Duty to give notice of termination (non-default cases)

      2. 99. Right to terminate hire-purchase etc. agreements

      3. 100. Liability of debtor on termination of hire-purchase etc. agreement

      4. 101. Right to terminate hire agreement

      5. 102. Agency for receiving notice of rescission

      6. 103. Termination statements

      7. 104. Goods not to be treated as subject to landlord’s hypothec in Scotland

  8. Part VIII

    Security

    1. General

      1. 105. Form and content of securities

      2. 106. Ineffective securities

      3. 107. Duty to give information to surety under fixed-sum credit agreement

      4. 108. Duty to give information to surety under running-account credit agreement

      5. 109. Duty to give information to surety under consumer hire agreement

      6. 110. Duty to give information to debtor or hirer

      7. 111. Duty to give surety copy of default etc. notice

      8. 112. Realisation of securities

      9. 113. Act not to be evaded by use of security

    2. Pledges

      1. 114. Pawn-receipts

      2. 115. Penalty for failure to supply copies of pledge agreement, etc

      3. 116. Redemption period

      4. 117. Redemption procedure

      5. 118. Loss etc. of pawn-receipt

      6. 119. Unreasonable refusal to deliver pawn

      7. 120. Consequence of failure to redeem

      8. 121. Realisation of pawn

      9. 122. Order in Scotland to deliver pawn

    3. Negotiable instruments

      1. 123. Restrictions on taking and negotiating instruments

      2. 124. Consequences of breach of s. 123

      3. 125. Holders in due course

    4. Land mortgages

      1. 126. Enforcement of land mortgages

  9. Part IX

    Judicial Control

    1. Enforcement of certain regulated agreements and securities

      1. 127. Enforcement orders in cases of infringement

      2. 128. Enforcement orders on death of debtor or hirer

    2. Extension of time

      1. 129. Time orders

      2. 129A.Debtor or hirer to give notice of intent etc. to creditor or owner

      3. 130. Supplemental provisions about time orders

    3. [F1Interest

      1. 130A.Interest payable on judgment debts etc

    4. Protection of property pending proceedings

      1. 131. Protection orders

    5. Hire and hire-purchase etc. agreements

      1. 132. Financial relief for hirer

      2. 133. Hire-purchase etc. agreements: special powers of court

      3. 134. Evidence of adverse detention in hire-purchase etc. cases

    6. Supplemental provisions as to orders

      1. 135. Power to impose conditions, or suspend operation of order

      2. 136. Power to vary agreements and securities

    7. Extortionate credit bargains

      1. 137. Extortionate credit bargains

      2. 138. When bargains are extortionate

      3. 139. Reopening of extortionate agreements

      4. 140. Interpretation of sections 137 to 139

    8. [F1Unfair relationships

      1. 140A.Unfair relationships between creditors and debtors

      2. 140B.Powers of court in relation to unfair relationships

      3. 140C.Interpretation of ss. 140A and 140B

      4. 140D.Advice and information

    9. Miscellaneous

      1. 141. Jurisdiction and parties

      2. 142. Power to declare rights of parties

    10. Northern Ireland

      1. 143. Jurisdiction of county court in Northern Ireland

      2. 144. Appeal from county court in Northern Ireland

  10. Part X

    Ancillary Credit Businesses

    1. Definitions

      1. 145. Types of ancillary credit business

      2. 146. Exceptions from section 145

    2. Licensing

      1. 147. Application of Part III

      2. 148. Agreement for services of unlicensed trader

      3. 149. Regulated agreements made on introductions by unlicensed credit-broker

      4. 150. Appeals to Secretary of State against licensing decisions

    3. Seeking business

      1. 151. Advertisements

      2. 152. Application of sections 52 to 54 to credit brokerage etc

      3. 153. Definition of canvassing off trade premises (agreements for ancillary credit services)

      4. 154. Prohibition of canvassing certain ancillary credit services off trade premises

      5. 155. Right to recover brokerage fees

    4. Entry into agreements

      1. 156. Entry into agreements

    5. Credit reference agencies

      1. 157. Duty to disclose name etc. of agency

      2. 158. Duty of agency to disclose filed information

      3. 159. Correction of wrong information

      4. 160. Alternative procedure for business consumers

  11. Part XI

    Enforcement of Act

    1. 161. Enforcement authorities

    2. 162. Powers of entry and inspection

    3. 163. Compensation for loss

    4. 164. Power to make test purchases etc

    5. 165. Obstruction of authorised officers

    6. 166. Notification of convictions and judgments to OFT

    7. 167. Penalties

    8. 168. Defences

    9. 169. Offences by bodies corporate

    10. 170. No further sanctions for breach of Act

    11. 171. Onus of proof in various proceedings

    12. 172. Statements by creditor or owner to be binding

    13. 173. Contracting-out forbidden

  12. Part XII

    Supplemental

    1. 174. Restrictions on disclosure of information

    2. 174A.Powers to require provision of information or documents etc

    3. 175. Duty of persons deemed to be agents

    4. 176. Service of documents

    5. 176A.Electronic transmission of documents

    6. 177. Saving for registered charges

    7. 178. Local Acts

    8. Regulations, orders, etc

      1. 179. Power to prescribe form etc. of secondary documents

      2. 180. Power to prescribe form etc. of copies

      3. 181. Power to alter monetary limits etc

      4. 182. Regulations and orders

      5. 183. Determinations etc. by OFT

    9. Interpretation

      1. 184. Associates

      2. 185. Agreement with more than one debtor or hirer

      3. 186. Agreement with more than one creditor or owner

      4. 187. Arrangements between creditor and supplier

      5. 187A.Definition of ‘default sum’

      6. 188. Examples of use of new terminology

      7. 189. Definitions

      8. 189A. Meaning of “consumer credit EEA firm ”

      9. 190. Financial provisions

      10. 191. Special provisions as to Northern Ireland

      11. 192. Transitional and commencement provisions, amendments and repeals

      12. 193. Short title and extent

  13. SCHEDULE A1

    The Consumer Credit Appeals Tribunal

  14. SCHEDULE 1

    Prosecution and Punishment of Offences

  15. SCHEDULE 2

    Examples of Use of New Terminology

  16. SCHEDULE 3

    Transitional and Commencement Provisions

  17. SCHEDULE 4.

    MINOR AND CONSEQUENTIAL AMENDMENTS

  18. Schedule 5

    Repeals

An Act to establish for the protection of consumers a new system, administered by the Director General of Fair Trading, of licensing and other control of traders concerned with the provision of credit, or the supply of goods on hire or hire-purchase, and their transactions, in place of the present enactments regulating moneylenders, pawnbrokers and hire-purchase traders and their transactions; and for related matters.

[31st July 1974]

Annotations:

Modifications etc. (not altering text)

C1Act excluded by S.I. 1983/1553, reg. 2(7A) (as inserted by S.I. 1984/1600, reg. 2(e))

C2Act excluded by S.I. 1989/869, arts. 2(1), 3(1), 4(1), 5, 6

C3Act modified (12.10.1992) by Timeshare Act 1992 (c. 35), s. 12(5); S.I. 1992/1941, art. 2

C4Act excluded (21.7.2008 with retrospective effect as stated in s. 8(2) of the amending act) by Sale of Student Loans Act 2008 (c. 10), ss. 8(1), 14 (with s. 9(5))

Commencement Information

I1Act partly in force at Royal Assent see s. 192(1), (2), (3); Act wholly in force on 19.5.1985

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