Consumer Credit Act 1974 (c. 39)

SCHEDULES

SCHEDULE 4 Minor and Consequential Amendments

PART I United Kingdom

[1939 c. 75.] Compensation (Defence) Act 1939

7 In section 13 after " hire-purchase agreement" insert " or a conditional sale agreement ".

8 In section 17(1)—

(1) After the definition of " aircraft " insert—

• “"conditional sale agreement" means an agreement for the sale of goods which is a consumer credit agreement within the meaning of the Consumer Credit Act 1974 under which the purchase price or part of it is payable by instalments, and the property in the goods is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled ;”, and

(2) for the definition of " hire-purchase agreement" substitute—

• “" hire-purchase agreement" means an agreement which is a consumer credit agreement within the meaning of the Consumer Credit Act 1974, other than a conditional sale agreement, under which—

  (a)

  goods are bailed or (in Scotland) hired in return for periodical payments by the person to whom they are bailed or hired, and

  (b)

  the property in the goods will pass to that person if the terms of the agreement are complied with and one or more of the following occurs—

  (i)

  the exercise of an option to purchase by that person,

  (ii)

  the doing of any other specified act by any party to the agreement,

  (iii)

  the happening of any other specified event;”