UK Coat of Arms, Contains public sector information licensed under the Open Government Licence v3.0.

Consumer Credit Act 2006 (c. 14)

Consumer Credit Act 2006 2006 CHAPTER 14 An Act to amend the Consumer Credit Act 1974; to extend the ombudsman scheme under the Financial Services and Markets Act 2000 to cover licensees under the Consumer Credit Act 1974; and for connected purposes. [30th March 2006] Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Legislation

Table of Content

1. Definition of ‘individual’ U.K.

2. Removal of financial limits etc. U.K.

3. Exemption relating to high net worth debtors and hirers U.K.

4. Exemption relating to businesses U.K.

5. Statements to be provided in relation to regulated credit agreements U.K.

6. Statements to be provided in relation to fixed-sum credit agreements

7. Default under regulated agreements U.K.

8. “ Information sheets U.K.

86. OFT to prepare information sheets on arrears and default

9. “ Sums in arrears and default sums U.K.

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

10. Notice of sums in arrears under running-account credit agreements

11. Failure to give notice of sums in arrears

12. Notice of default sums

13. Interest on default sums

14. Default notices U.K.

15. Enforceability of regulated agreements U.K.

16. Debtor or hirer to give notice of intent etc. to creditor or owner

17. “ Interest U.K.

130. Interest payable on judgment debts etc.

18. Unfair relationships U.K.

19. “ Unfair relationships U.K.

140. Unfair relationships between creditors and debtors

20. Powers of court in relation to unfair relationships

21. Interpretation of ss. 140A and 140B

22. Businesses requiring a licence and consequences of not being licensed U.K.

23. Definitions of ‘consumer credit business’ and ‘consumer hire business’ U.K.

24. Debt administration etc. U.K.

25. Credit information services U.K.

26. Applications for licences and fitness to hold a licence etc. U.K.

27. Charge on applicants for licences etc. U.K.

28. Applications for standard licences U.K.

29. Issue of standard licences U.K.

30. Guidance on fitness test U.K.

31. Variation of standard licences etc. U.K.

32. Winding-up of standard licensee's business U.K.

33. Duration of licences and charges U.K.

34. Definite and indefinite licences U.K.

35. Charges for indefinite licences U.K.

36. Extension of period to pay charge for indefinite licence U.K.

37. Further powers of OFT to regulate conduct of licensees etc. U.K.

38. Power of OFT to impose requirements on licensees U.K.

39. Power of OFT to impose requirements on supervisory bodies U.K.

40. Supplementary provision relating to requirements U.K.

41. Procedure in relation to requirements U.K.

42. Guidance on requirements U.K.

43. Powers and duties in relation to information U.K.

44. Provision of information etc. by applicants U.K.

45. Duties to notify changes in information etc. U.K.

46. Power of OFT to require information generally U.K.

47. Power of OFT to require access to premises U.K.

48. Entry to premises under warrant U.K.

49. Failure to comply with information requirement U.K.

50. Officers of enforcement authorities other than OFT U.K.

51. Civil penalties U.K.

52. Power of OFT to impose civil penalties U.K.

53. Further provision relating to civil penalties U.K.

54. Appeals U.K.

55. The Consumer Credit Appeals Tribunal U.K.

56. Appeals to the Consumer Credit Appeals Tribunal U.K.

57. Appeals from the Consumer Credit Appeals Tribunal U.K.

58. Ombudsman scheme U.K.

59. Financial services ombudsman scheme to apply to consumer credit licensees U.K.

60. Funding of ombudsman scheme U.K.

61. Miscellaneous U.K.

62. Monitoring of businesses by OFT U.K.

63. Disapplication of s.101 of the 1974 Act U.K.

64. Determinations etc. by OFT

65. Final provisions U.K.

66. Financial provision U.K.

67. Interpretation U.K.

68. Consequential amendments U.K.

69. Transitional provision and savings U.K.

70. Repeals U.K.

71. Ombudsman scheme U.K.

1. Definition of ‘individual’ U.K.

2. Removal of financial limits etc. U.K.

3. Exemption relating to high net worth debtors and hirers U.K.

4. Exemption relating to businesses U.K.

5. Statements to be provided in relation to regulated credit agreements U.K.

6. Statements to be provided in relation to fixed-sum credit agreements

7. Default under regulated agreements U.K.

8. “ Information sheets U.K.

86. OFT to prepare information sheets on arrears and default

9. “ Sums in arrears and default sums U.K.

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

10. Notice of sums in arrears under running-account credit agreements

11. Failure to give notice of sums in arrears

12. Notice of default sums

13. Interest on default sums

14. Default notices U.K.

15. Enforceability of regulated agreements U.K.

16. Debtor or hirer to give notice of intent etc. to creditor or owner

17. “ Interest U.K.

130. Interest payable on judgment debts etc.

18. Unfair relationships U.K.

19. “ Unfair relationships U.K.

140. Unfair relationships between creditors and debtors

20. Powers of court in relation to unfair relationships

21. Interpretation of ss. 140A and 140B

22. Businesses requiring a licence and consequences of not being licensed U.K.

23. Definitions of ‘consumer credit business’ and ‘consumer hire business’ U.K.

24. Debt administration etc. U.K.

25. Credit information services U.K.

26. Applications for licences and fitness to hold a licence etc. U.K.

27. Charge on applicants for licences etc. U.K.

28. Applications for standard licences U.K.

29. Issue of standard licences U.K.

30. Guidance on fitness test U.K.

31. Variation of standard licences etc. U.K.

32. Winding-up of standard licensee's business U.K.

33. Duration of licences and charges U.K.

34. Definite and indefinite licences U.K.

35. Charges for indefinite licences U.K.

36. Extension of period to pay charge for indefinite licence U.K.

37. Further powers of OFT to regulate conduct of licensees etc. U.K.

38. Power of OFT to impose requirements on licensees U.K.

39. Power of OFT to impose requirements on supervisory bodies U.K.

40. Supplementary provision relating to requirements U.K.

41. Procedure in relation to requirements U.K.

42. Guidance on requirements U.K.

43. Powers and duties in relation to information U.K.

44. Provision of information etc. by applicants U.K.

45. Duties to notify changes in information etc. U.K.

46. Power of OFT to require information generally U.K.

47. Power of OFT to require access to premises U.K.

48. Entry to premises under warrant U.K.

49. Failure to comply with information requirement U.K.

50. Officers of enforcement authorities other than OFT U.K.

51. Civil penalties U.K.

52. Power of OFT to impose civil penalties U.K.

53. Further provision relating to civil penalties U.K.

54. Appeals U.K.

55. The Consumer Credit Appeals Tribunal U.K.

56. Appeals to the Consumer Credit Appeals Tribunal U.K.

57. Appeals from the Consumer Credit Appeals Tribunal U.K.

58. Ombudsman scheme U.K.

59. Financial services ombudsman scheme to apply to consumer credit licensees U.K.

60. Funding of ombudsman scheme U.K.

61. Miscellaneous U.K.

62. Monitoring of businesses by OFT U.K.

63. Disapplication of s.101 of the 1974 Act U.K.

64. Determinations etc. by OFT

65. Final provisions U.K.

66. Financial provision U.K.

67. Interpretation U.K.

68. Consequential amendments U.K.

69. Transitional provision and savings U.K.

70. Repeals U.K.

71. Ombudsman scheme U.K.

Section 1

1. Definition of ‘individual’ U.K.

In section 189(1) of the 1974 Act (definitions) for the definition of “individual” substitute— “ “ individual ” includes— (a) a partnership consisting of two or three persons not all of whom are bodies corporate; and (b) an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership; ” . Commencement Information I1 S. 1 in force at 6.4.2007 by S.I. 2007/123 , art. 3(2) , Sch. 2 (with arts. 4 , 5 )

Section 2

2. Removal of financial limits etc. U.K.

(1) In section 8 of the 1974 Act (which defines consumer credit agreements)— (a) in subsection (1) for “personal” substitute “ consumer ” ; (b) subsection (2) shall cease to have effect. (2) In section 15(1) of that Act (which defines consumer hire agreements) paragraph (c) and the “and” immediately preceding it shall cease to have effect. F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Textual Amendments F1 S. 2(3) omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881) , art. 1(2) (6) , Sch. para. 10(a) Commencement Information I2 S. 2(1) in force at 6.4.2008 for specified purposes by S.I. 2008/831 , art. 3(1) , Sch. 2 (with art. 4 , Sch. 1 ) I3 S. 2(1) in force at 31.10.2008 in so far as not already in force by S.I. 2008/831 , art. 3(2) , Sch. 3 (with art. 4 ) I4 S. 2(2)(3) in force at 6.4.2008 by S.I. 2008/831 , art. 3(1) , Sch. 2

Ask Legislation

Ask Legislation

Consumer Credit Act 2006 (c. 14)

1. Definition of ‘individual’ U.K.

2. Removal of financial limits etc. U.K.

Consumer Credit Act 2006 (c. 14)

1. Definition of ‘individual’ U.K.

2. Removal of financial limits etc. U.K.