Consumer Credit Act 1974

155 Right to recover brokerage fees. U.K.

(1) The excess over [F1 £5] of a fee or commission for his services charged by a credit-broker to an individual to whom this subsection applies shall cease to be payable or, as the case may be, shall be recoverable by the individual if the introduction does not result in his entering into a relevant agreement within the six months following the introduction (disregarding any agreement which is cancelled under section 69(1) or becomes subject to section 69(2)).

(2) Subsection (1) applies to an individual who sought an introduction for a purpose which would have been fulfilled by his entry into—

(a) a regulated agreement, or

(b) in the case of an individual such as is referrred to in section 145(2)(a)(ii), an agreement for credit secured on land, or

(c) an agreement such as is referred to in section 145(3)(b) or (c) or (4)(b).

(3) An agreement is a relevant agreement for the purposes of subsection (1) in relation to an individual if it is an agreement such as is referred to in subsection (2) in relation to that individual.

(4) In the case of an individual desiring to obtain credit under a consumer credit agreement, any sum payable or paid by him to a credit-broker otherwise than as a fee or commission for the credit-broker’s services shall for the purposes of subsection (1) be treated as such a fee or commission if it enters, or would enter, into the total charge for credit.

Textual Amendments

F1 "£5" substituted (1.5.1998) in s. 155(1) by S.I. 1998/997, art. 3, Sch.