The Consumer Credit (Quotations) Regulations 1989

Form and content of quotations

2.—(1) Where a trader or a person acting on his behalf receives a request to which regulation 4 below applies for a quotation from a customer or any person acting on his behalf the trader shall give, or cause to be given, to the customer a document containing in the case of a quotation relating to credit the information set out in Schedule 1 to these Regulations, and in the case of a quotation relating to the bailment of goods the information set out in Schedule 2.

(2) A document under paragraph (1) above shall indicate the minimum period during which the information contained in it is to apply and may be framed as an offer or in any other way.

(3) Where any information set out in Schedule 1 or 2 to these Regulations cannot be exactly ascertained by the trader, whether because the request contains insufficient information or for any other reason, the trader shall either–

(a) give such information as may be exactly ascertained by him at the date the quotation is given and, subject to paragraph (4) below, include estimated information based on such assumptions as he may reasonably make in all the circumstances of the case and an indication of the assumptions made in any document given under paragraph (1) above together with a statement indicating that if these assumptions are incorrect the customer may make a request for another quotation based on additional information supplied by him; or

(b) give notice in writing to the customer that the request does not contain all the information necessary to construct a quotation relating to the transaction mentioned in the request and shall–

(i) specify the information which is required; and

(ii) indicate that the trader will give a written quotation if the customer makes another request containing that information.

(4) The trader shall not base estimated information under paragraph (3) above in relation to information about the APR set out in sub-paragraph (2) of paragraph 6 of Schedule 1 to these Regulations on assumptions which are inconsistent with the assumptions set out in that sub-paragraph.

(5) In the case of a quotation relating to a debtor-creditor agreement enabling the debtor to overdraw on a current account under which the creditor is the Bank of England, an institution authorised under the Banking Act 1987(1), the Post Office for the purposes of a transaction entered into in the ordinary course of that part of the business of the Post Office which consists of the provision of banking services or a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986(2), for any reference in Schedule 1 to these Regulations to the APR there may be substituted a reference to the statement of–

(a) a rate, expressed to be a rate of interest, being a rate determined as the rate of the total charge for credit calculated on the assumption that only interest is included in the total charge for credit; and

(b) the nature and amount of any other charge included in the total charge for credit.

(6) The APR referred to in Schedule 1 to these Regulations shall be denoted in quotations as “APR” or “annual percentage rate” or “annual percentage rate of the total charge for credit”.

(7) The specific information referred to in Schedules 1 and 2 to these Regulations in every quotation shall be clear and easily legible and, subject to the following provisions of these Regulations and except for the name and address, shall be shown together as a whole and not interspersed with other information.

(1)

1987 c. 22.

(2)

1986 c. 53.