Table of Contents
Consumer Credit Act 1974 (c. 39)Introductory TextPart I Office of Fair Trading (ss. 1-7)1. General functions of OFT.2. Powers of Secretary of State.3. Supervision by Council on Tribunals.4. Dissemination of information and advice.5. Annual and other Reports.6. Form etc. of applications.6A. Charge on applicants for licences etc.7. Penalty for false information.Part II Credit agreements, hire agreements and linked transactions (ss. 8-20)8. Consumer credit agreements.9. Meaning of credit.10. Running-account credit and fixed-sum credit.11. Restricted-use credit and unrestricted-use credit.12. Debtor-creditor-supplier agreements.13. Debtor-creditor agreements.14. Credit-token agreements.15. Consumer hire agreements.16. Exempt agreements.16A. Exemption relating to high net worth debtors and hirers.16B. Exemption relating to businesses.16C. Exemption relating to investment properties.17. Small agreements.18. Multiple agreements.19. Linked transactions.20. Total charge for credit.Part III Licensing of credit and hire businesses (ss. 21-42)Licensing principles (ss. 21-26)21. Businesses needing a licence.22. Standard and group licences.23. Authorisation of specific activities.24. Control of name of business.24A. Applications for standard licences.25. Licensee to be a fit person.25A. Guidance on fitness test.26. Conduct of business.Issue of licences (ss. 27-28)27. Determination of applications.27A. Consumer credit EEA firms.28. Exclusion from group licence.Charges for indefinite licences (ss. 28A-28C)28A. Charges to be paid by licensees etc. before end of payment periods.28B. Extension of period to pay charge under s. 28A.28C. Failure to pay charge under s. 28A.Renewal, variation, suspension and revocation of licences (ss. 29-33)29. Renewal.30. Variation by request.31. Compulsory variation.32. Revocation.32A. Power to suspend licence.32B. Duration of suspension.33. Application to end suspension.Further powers of OFT to regulate conduct of licensees etc. (ss. 33A-33E)33A. Power of OFT to impose requirements on licensees.33B. Power of OFT to impose requirements on supervisory bodies.33C. Supplementary provision relating to requirements.33D. Procedure in relation to requirements.33E. Guidance on requirements.Miscellaneous (ss. 34-40)34. Representations to Director.34ZA. Representations to OFT: suspension under section 32A.34A. Winding-up of standard licensee's business.35. The register.36. Duty to notify changes.36A. Further duties to notify changes etc.36B. Power of OFT to require information generally.36C. Power of OFT to require access to premises.36D. Entry to premises under warrant.36E. Failure to comply with information requirement.36F. Officers of enforcement authorities other than OFT.37. Death, bankruptcy etc. of licencee.38. Application of s. 37 to Scotland and Northern Ireland.39. Offences against Part III.39A. Power of OFT to impose civil penalties.39B. Further provision relating to civil penalties.39C. Statement of policy in relation to civil penalties.40. Enforcement of agreements made by unlicensed trader.Appeals (ss. 40A-42)40A. The Consumer Credit Appeals Tribunal.41. Appeals to First-tier Tribunal under Part III.41ZA. Tribunal Procedure Rules: suspension of OFT determinations.41ZB. Disposal of appeals.41A. Appeals from the Consumer Credit Appeals Tribunal.42. Further appeal on point of law.Part IV Seeking business (ss. 43-54)Advertising (ss. 43-47)43. Advertisements to which Part IV applies.44. Form and content of advertisements.45. Prohibition of advertisement where goods etc. not sold for cash.46. False or misleading advertisements.47. Advertising infringements.Canvassing etc. (ss. 48-51)48. Definition of canvassing off trade premises (regulated agreements.).49. Prohibition of canvassing debtor-creditor agreements off trade premises.50. Circulars to minors.51. Prohibition of unsolicited credit-tokens.Miscellaneous (ss. 52-54)52. Quotations.53. Duty to display information.54. Conduct of business regulations.Part V Entry into credit or hire agreements (ss. 55-74)Preliminary matters (ss. 55-59)55. Disclosure of information.55A. Pre-contractual explanations etc.55B. Assessment of creditworthiness.55C. Copy of draft consumer credit agreement.56. Antecedent negotiations.57. Withdrawal from prospective agreement.58. Opportunity for withdrawal from prospective land mortgage.59. Agreement to enter future agreement void.Making the agreement (ss. 60-66)60. Form and content of agreements.61. Signing of agreement.61A. Duty to supply copy of executed consumer credit agreement.61B. Duty to supply copy of overdraft agreement.62. Duty to supply copy of unexecuted agreement: excluded agreements.63. Duty to supply copy of executed agreement: excluded agreements.64. Duty to give notice of cancellation rights.65. Consequences of improper execution.66. Acceptance of credit-tokens.Withdrawal from certain agreements (s. 66A)66A. Withdrawal from consumer credit agreement.Cancellation of certain agreements within cooling-off period (ss. 67-73)67. Cancellable agreements.68. Cooling-off period.69. Notice of cancellation.70. Cancellation: recovery of money paid by debtor or hirer.71. Cancellation: repayment of credit.72. Cancellation: return of goods.73. Cancellation: goods given in part-exchange.Exclusion of certain agreements from Part V (s. 74)74. Exclusion of certain agreements from Part V.Part VA Current account overdraft (ss. 74A-74B)74A. Information to be provided on a current account agreement.74B. Information to be provided on significant overdrawing without prior arrangement.Part VI Matters arising during currency of credit or hire agreements (ss. 75-86)75. Liability of creditor for breaches by supplier.75A. Further provision for liability of creditor for breaches by supplier.76. Duty to give notice before taking certain action.77. Duty to give information to debtor under fixed-sum credit agreement.77A. Statements to be provided in relation to fixed-sum credit agreements.77B. Fixed-sum credit agreement: statement of account to be provided on request.78. Duty to give information to debtor under running-account credit agreement.78A. Duty to give information to debtor on change of rate of interest.79. Duty to give hirer information.80. Debtor or hirer to give information about goods.81. Appropriation of payments.82. Variation of agreements.82A. Assignment of rights.83. Liability for misuse of credit facilities.84. Misuse of credit-tokens.85. Duty on issue of new credit-tokens.86. Death of debtor or hirer.Part VII Default and termination (ss. 86A-104)Information sheets (s. 86A)86A. FCA to prepare information sheets on arrears and defaultSums in arrears and default sums (ss. 86B-86F)86B. Notice of sums in arrears under fixed-sum credit agreements etc.86C. Notice of sums in arrears under running-account credit agreements86D. Failure to give notice of sums in arrears86E. Notice of default sums86F Interest on default sumsDefault notices (ss. 87-89)87. Need for default notice.88. Contents and effect of default notice.89. Compliance with default notice.Further restriction of remedies for default (ss. 90-93A)90. Retaking of protected hire-purchase etc. goods.91. Consequences of breach of s. 90.92. Recovery of possession of goods or land.93. Interest not to be increased on default.93A. Summary diligence not competent in ScotlandEarly payment by debtor (ss. 94-97A)94. Right to complete payments ahead of time.95. Rebate on early settlement.95A. Compensatory amount.95B. Compensatory amount: green deal finance96. Effect on linked transactions.97. Duty to give information.97A. Duty to give information on partial repayment.Termination of agreements (ss. 98-104)98. Duty to give notice of termination (non-default cases).98A. Termination etc of open-end consumer credit agreements.99. Right to terminate hire-purchase etc. agreements.100. Liability of debtor on termination of hire-purchase etc agreement.101. Right to terminate hire agreement.102. Agency for receiving notice of rescission.103. Termination statements.104. Goods not to be treated as subject to landlord's hypothec in Scotland.Part VIII Security (ss. 105-126)General (ss. 105-113)105. Form and content of securities.106. Ineffective securities.107. Duty to give information to surety under fixed-sum credit agreement.108. Duty to give information to surety under running-account credit agreement.109. Duty to give information to surety under consumer hire agreement.110. Duty to give information to debtor or hirer.111. Duty to give surety copy of default etc. notice.112. Realisation of securities.113. Act not to be evaded by use of security.Pledges (ss. 114-122)114. Pawn-receipts.115. Penalty for failure to supply copies of pledge agreement etc.116. Redemption period.117. Redemption procedure.118. Loss etc. of pawn-receipt.119. Unreasonable refusal to deliver pawn.120. Consequence of failure to redeem.121. Realisation of pawn.122. Order in Scotland to deliver pawn.Negotiable instruments (ss. 123-125)123. Restrictions on taking and negotiating instruments.124. Consequences of breach of s. 123.125. Holders in due course.Land mortgages (s. 126)126. Enforcement of land mortgages.Part IX Judicial Control (ss. 127-144)Enforcement of certain regulated agreements and securities (ss. 127-128)127. Enforcement orders in cases of infringement.128. Enforcement orders on death of debtor or hirer.Extension of time (ss. 129-130)129. Time orders.129A. Debtor or hirer to give notice of intent etc. to creditor or owner130. Supplemental provisions about time orders.Interest (s. 130A)130A. Interest payable on judgment debts etc.Protection of property pending proceedings (s. 131)131. Protection orders.Hire and hire-purchase etc. agreements (ss. 132-134)132. Financial relief for hirer.133. Hire-purchase etc. agreements: special powers of court.134. Evidence of adverse detention in hire purchase etc. cases.Supplemental provisions as to orders (ss. 135-136)135. Power to impose conditions, or suspend operation of order.136. Power to vary agreements and securities.Extortionate credit bargains (ss. 137-140)137. Extortionate credit bargains.138. When bargains are extortionate.139. Reopening of extortionate agreements.140. Interpretation of sections 137 to 139.Unfair relationships (ss. 140A-140D)140A. Unfair relationships between creditors and debtors140B. Powers of court in relation to unfair relationships140C. Interpretation of ss. 140A and 140B140D. Advice and informationMiscellaneous (ss. 141-142)141. Jurisdiction and parties.142. Power to declare rights of parties.Northern Ireland (ss. 143-144)143. Jurisdiction of county court in Northern Ireland.144. Appeal from county court in Northern Ireland.Part X Ancillary Credit Businesses (ss. 145-160)Definitions (ss. 145-146)145. Types of ancillary credit business.146. Exceptions from section 145.Licensing (ss. 147-150)147. Application of Part III.148. Agreement for services of unlicensed trader.149. Regulated agreements made on introductions by unlicensed credit-broker.150. Appeals to Secretary of State against licensing decisions.Seeking business (ss. 151-155)151. Advertisements.152. Application of sections 52 to 54 to credit brokerage etc.153. Definition of canvassing off trade premises (agreements for ancillary credit services).154. Prohibition of canvassing certain ancillary credit services off trade premises.155. Right to recover brokerage fees.Entry into agreements (s. 156)156. Entry into agreements.Credit reference agencies (ss. 157-160A)157. Duty to disclose name etc. of agency.158. Duty of agency to disclose filed information.159. Correction of wrong information.160. Alternative procedure for business consumers.160A. Credit intermediaries.Part XI Enforcement of Act (ss. 161-173)161. Enforcement authorities.162. Powers of entry and inspection.163. Compensation for loss.164. Power to make test purchases etc.165. Obstruction of authorised officers.166. Notification of convictions and judgments to FCA.167. Penalties.168. Defences.169. Offences by bodies corporate.170. No further sanctions for breach of Act.171. Onus of proof in various proceedings.172. Statements by creditor or owner to be binding.173. Contracting-out forbidden.Part XII Supplemental (ss. 174-193)General (ss. 174-178)174. Restrictions on disclosure of information.174A. Powers to require provision of information or documents etc.175. Duty of persons deemed to be agents.176. Service of documents.176A. Electronic transmission of documents177. Saving for registered charges.178. Local Acts.Regulations, orders, etc. (ss. 179-183)179. Power to prescribe form etc. of secondary documents.180. Power to prescribe form etc. of copies.181. Power to alter monetary limits etc.182. Regulations and orders.183. Determinations etc. by FCAInterpretation (ss. 184-193)184. Associates.185. Agreement with more than one debtor or hirer.186. Agreement with more than one creditor or owner.187. Arrangements between creditor and supplier.187A. Definition of "default sum"188. Examples of use of new terminology.189. Definitions.189A. Meaning of "consumer credit EEA firm"189B. Green deal plans189C. Section 189B: supplementary provision189D. Section 189B: temporary provision190. Financial provisions.191. Special provisions as to Northern Ireland.192. Transitional and commencement provisions, amendments and repeals.193. Short title and extent.Schedule A1 The Consumer Credit Appeals TribunalSchedule A1, Part 1 Interpretation (para. 1)Schedule A1, Part 2 The Tribunal (paras. 2-6)Schedule A1, Part 3 Constitution of the Tribunal (para. 7)Schedule A1, Part 4 Tribunal powers and procedure (paras. 8-14)Schedule 1 Prosecution and punishment of offencesSchedule 2 Examples of use of new terminologySchedule 2, Part I List of termsSchedule 2, Part II ExamplesSchedule 3 Transitional and commencement provisionsSchedule 2A Meaning of "Debtor" in Relation to Green Deal AgreementsSchedule 4 Minor and Consequential AmendmentsSchedule 4, Part I United Kingdom (paras. 1-37)Schedule 4, Part II Northern Ireland (paras. 38-51)Schedule 5 RepealsSchedule 5, Part I United KingdomSchedule 5, Part II Northern Ireland
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172. Statements by creditor or owner to be binding.
(1) A statement by a creditor or owner is binding on him if given under-
section 108(1)(c), or section 109(1)(c).
(2) Where a trader-
(a) gives a customer a notice in compliance with section 103(1)(b), or
(b) gives a customer a notice under section 103(1) asserting that the customer is not indebted to him under an agreement,
the notice is binding on the trader.
(3) Where in proceedings before any court-
(a) it is sought to rely on a statement or notice given as mentioned in subsection (1) or (2), and