Explanatory Notes

Consumer Credit Act 2006

2006 CHAPTER 14

30 March 2006

Duration of Licences

Sections 35 - 37: Charges for indefinite licences

67.Sections 35 to 37 insert new sections 28A, 28B and 28C after section 28 of the 1974 Act relating to periodic payments for indefinite licences. Holders of indefinite standard licences and original applicants for indefinite group licences shall pay OFT a periodic charge specified by general notice, which may include different provision for different cases. OFT is given the power to extend the period for a person to make payments in respect of indefinite licences if there is a good reason for doing so. Failure to pay a periodic charge in respect of a standard licence during the payment period (or extended payment period) results in the licence being terminated and details of licences terminated for this reason must be kept on OFT’s public register.