(1)A regulated agreement made by a debtor or hirer who, for the purpose of making that agreement, was introduced to the creditor or owner by an unlicensed credit-broker is enforceable against -the debtor or hirer only where—
(a)on the application of the credit-broker, the Director has made an order under section 148(2) in respect of a period including the time when the introduction was made, and the order does not (whether in general terms or specifically) exclude the application of this paragraph to the regulated agreement, or
(b)the Director has made an order under subsection (2) which applies to the agreement.
(2)Where during any period individuals were introduced to a person carrying on a consumer credit business or consumer hire business by an unlicensed credit-broker for the purpose of making regulated agreements with the person carrying on that business, that person or his successor in title may apply to the Director for an order that regulated agreements so made are to be treated as if the credit-broker had been licensed at the time of the introduction.
(3)Unless the Director determines to make an order under subsection (2) in accordance with the application, he shall, before determining the application, by notice—
(a)inform the applicant, giving his reasons, that, as the case may be, he is minded to refuse the application, or to grant it in terms different from those applied for, describing them, and
(b)invite the applicant to submit to the Director representations in support of his application in accordance with section 34.
(4)In determining whether or not to make an order under subsection (2) the Director shall consider, in addition to any other relevant factors—
(a)how far, if at all, debtors or hirers under regulated agreements to which the application relates were prejudiced by the credit-broker's conduct, and
(b)the degree of culpability of the applicant in facilitating the carrying on by the credit-broker of his business when unlicensed.
(5)If the Director thinks fit, he may in an order under subsection (2)—
(a)limit the order to specified agreements, or agreements of a specified description or made at a specified time;
(b)make the order conditional on the doing of specified acts by the applicant.