Consumer Credit Act 1974

1. Introductory Text

2. PART I Director General of Fair Trading

   1. 1. General functions of Director

   2. 2. Powers of Secretary of State

   3. 3. Supervision by Council on Tribunals

   4. 4. Dissemination of information and advice

   5. 5. Annual and other Reports

   6. 6. Form etc. of applications

   7. 7. Penalty for false information

3. 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. 17. Small agreements

   11. 18. Multiple agreements

   12. 19. Linked transactions

   13. 20. Total charge for credit

4. 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. 25. Licensee to be a fit person

      6. 26. Conduct of business

   2. Issue of licences

      1. 27. Determination of applications

      2. 28. Exclusion from group licence

   3. 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

   4. Miscellaneous

      1. 34. Representations to Director

      2. 35. The register

      3. 36. Duty to notify changes

      4. 37. Death, bankruptcy etc. of licencee

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

      6. 39. Offences against Part III

      7. 40. Enforcement of agreements made by unlicensed trader

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

      9. 42. Further appeal on point of law

5. 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

6. 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

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

   5. 79. Duty to give hirer information

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

   7. 81. Appropriation of payments

   8. 82. Variation of agreements

   9. 83. Liability for misuse of credit facilities

   10. 84. Misuse of credit-tokens

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

   12. 86. Death of debtor or hirer

8. 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

   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

9. 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

10. 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. 130. Supplemental provisions about time orders

    3. Protection of property pending proceedings

       1. 131. Protection orders

    4. 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

    5. Supplemental provisions as to orders

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

       2. 136. Power to vary agreements and securities

    6. 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

    7. Miscellaneous

       1. 141. Jurisdiction and parties

       2. 142. Power to declare rights of parties

    8. Northern Ireland

       1. 143. Jurisdiction of county court in Northern Ireland

       2. 144. Appeal from county court in Northern Ireland

11. 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

12. 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 Director

    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

13. PART XII Supplemental

    1. 174. Restrictions on disclosure of information

    2. 175. Duty of persons deemed to be agents

    3. 176. Service of documents

    4. 177. Saving for registered charges

    5. 178. Local Acts

    6. 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 Director

    7. 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. 188. Examples of use of new terminology

       6. 189. Definitions

       7. 190. Financial provisions

       8. 191. Special provisions as to Northern Ireland

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

       10. 193. Short title and extent

14. SCHEDULES

    1. SCHEDULE 1

       Prosecution and Punishment of Offences

    2. SCHEDULE 2

       Examples of Use of New Terminology

       1. PART I List of Terms

       2. PART II EXAMPLES

          1. EXAMPLE 1

          2. EXAMPLE 2

          3. EXAMPLE 3

          4. EXAMPLE 4

          5. EXAMPLE 5

          6. EXAMPLE 6

          7. EXAMPLE 7

          8. EXAMPLE 8

          9. EXAMPLE 9

          10. EXAMPLE 10

          11. EXAMPLE 11

          12. EXAMPLE 12

          13. EXAMPLE 13

          14. EXAMPLE 14

          15. EXAMPLE 15

          16. EXAMPLE 16

          17. EXAMPLE 17

          18. EXAMPLE 18

          19. EXAMPLE 19

          20. EXAMPLE 20

          21. EXAMPLE 21

          22. EXAMPLE 22

          23. EXAMPLE 23

          24. EXAMPLE 24

    3. SCHEDULE 3

       Transitional and Commencement Provisions

       1. PART II OF ACT Credit Agreements, Hire Agreements and Linked Transactions

       2. PART III OF ACT Licensing of Credit and Hire Businesses

       3. PART IV OF ACT Seeking Business

       4. PART V OF ACT Entry into Credit or Hire Agreements

       5. PART VI OF ACT Matters Arising During Currency of Credit or Hire Agreements

       6. PART VII OF ACT Default and Termination

       7. PART III OF ACT Security

       8. PART IX OF ACT Judicial Control

       9. PART X OF ACT Ancillary Credit Businesses

       10. PART XII OF ACT Supplemental

    4. SCHEDULE 4

       Minor and Consequential Amendments

       1. PART I United Kingdom

          1. Bills of Sale Act (1878) Amendment Act 1882

             1. 1. The following section shall be inserted after section 7— Defaults...

          2. Factors Act 1889

             1. 2. At the end of section 9 insert— For the purposes...

          3. Sale of Goods Act 1893

             1. 3. In section 14 (as substituted by section 3 of the...

             2. 4. In section 25, at the end of subsection (2) insert—...

          4. Law of Distress Amendment Act 1908

             1. 5. The following section shall be inserted after section 4— Hire...

          5. Bankruptcy Act 1914

             1. 6. The following section shall be inserted after section 38— Hire...

          6. Compensation (Defence) Act 1939

             1. 7. In section 13 after " hire-purchase agreement" insert " or...

             2. 8. In section 17(1)— (1) After the definition of " aircraft...

          7. Liability for War Damage (Miscellaneous Provisions) Act 1939

             1. 9. In section 1(3), for paragraphs (a) and (b) substitute—

          8. Agriculture (Miscellaneous Provisions) Act 1950

             1. 10. For section 1(4) substitute— (4) A person in possession of...

          9. Rag Flock and Other Filling Materials Act 1951

             1. 11. For section 10(7) substitute— (7) References in this section to...

          10. Reserve and Auxiliary Forces (Protection of Civil Interest) Act 1951

              1. 12. In section 4 for subsections (4), (5) and (6), substitute—...

              2. 13. For section 10 substitute— Property in goods subject to hire-purchase...

              3. 14. In section 64(1)— (1) after the definition of " compulsory...

          11. Clean Air Act 1956

              1. 15. In section 14 for the words " a hire-purchase agreement...

              2. 16. In section 34(1)— (a) after the definition of " chimney...

          12. Restrictive Trade Practices Act 1956

              1. 17. For section 26(3) substitute— (3) In this Part of this...

          13. Housing Act 1957

              1. 18. For section 94 substitute— Power to provide furniture. A local authority may fit out, furnish and supply any...

          14. County Courts Act 1959

              1. 19. At the end of section 192(2)(c) insert—

          15. Consumer Protection Act 1961

              1. 20. In section 2, for subsection (6) substitute—

              2. 21. In section 5— (1) After the definition of " component...

          16. Hire Purchase Act 1964

              1. 22. For Part III substitute the following (which reproduces the existing...

          17. Emergency Laws (Re-enactment and Repeals) Act 1964

              1. 23. In section 1— (1) In subsection (1) for " or...

          18. Trading Stamps Act 1964

              1. 24. In section 2, for subsection (1) substitute—

              2. 25. In section 3, for subsection (4) substitute—

              3. 26. In section 10(1)— (1) after the definition of " cash...

          19. Housing (Scotland) Act 1966

              1. 27. In section 140(2), for the words from " as defined"...

          20. Trade Descriptions Act 1968

              1. 28. In section 28, insert the following new subsection after subsection...

          21. Income and Corporation Taxes Act 1970

              1. 29. In section 495, for subsection (7) substitute—

          22. Administration of Justice Act 1970

              1. 30. After section 38 insert the following new section— This Part of this Act shall not apply to a...

              2. 31. In section 54(6)(c) after " 36 " insert " 38A...

          23. Vehicles (Excise) Act 1971

              1. 32. In section 38(1)— (1) before the definition of " gas...

          24. Industry Act 1972

              1. 33. In section 6(2)— (1) After the definition of "" capital...

          25. Counter-Inflation Act 1973

              1. 34. In section 21(5)— (a) for " total purchase price or...

          26. Supply of Goods (Implied Terms) Act 1973

              1. 35. For sections 8 to 12 substitute the following sections (which...

              2. 36. For sections 14 and 15 substitute the following sections (which...

          27. Fair Trading Act 1973

              1. 37. For section 138(5) substitute— (5) In subsection (4) of this...

       2. PART II NORTHERN IRELAND

          1. Irish Bankrupt and Insolvent Act 1857

             1. 38. The following section shall be inserted after section 313— Hire-purchase...

          2. Bills of Sale (Ireland) Act (1879) Amendment Act 1883

             1. 39. The following section shall be inserted after section 7:— Defaults...

          3. Liability for War Damage (Miscellaneous Provisions) Act (Northern Ireland) 1939

             1. 40. In section 1(3), for paragraph (a) and (b) substitute—

          4. Clean Air Act (Northern Ireland) 1964

             1. 41. In section 14(4) for " a hire-purchase agreement for the...

             2. 42. In section 43(1)— (a) after the definition of " chimney...

          5. Trading Stamps Act (Northern Ireland) 1965

             1. 43. In section 2, for subsection (1) substitute—

             2. 44. In section 3, for subsection (4) substitute—

             3. 45. In section 9— (1) after the definition of " cash...

          6. Consumer Protection Act (Northern Ireland) 1965

             1. 46. In section 2, for subsections (5) and (6) substitute—

             2. 47. In section 5— (1) after the definition of " component...

          7. Industrial Investment (General Assistance) Act (Northern Ireland) 1966

             1. 48. In section 14(1)— (1) after the definition of " computer...

          8. Hire-Purchase Act (Northern Ireland) 1966

             1. 49. For Part VI substitute the following (which reproduces the existing...

          9. Vehicles (Excise) Act (Northern Ireland) 1972

             1. 50. In section 35(1)— (a) before the definition of " gas...

          10. Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972

              1. 51. In section 1(2) for "VII" where first occurring substitute "...

    5. SCHEDULE 5

       Repeals

       1. PART I UNITED KINGDOM

       2. PART II NORTHERN IRELAND