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Consumer Credit Act 1974
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Changes over time for: Section 106
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- 01/02/1991- Amendment
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- 01/10/2015
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Consumer Credit Act 1974, Section 106 is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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106 Ineffective securities.U.K.
Where, under any provision of this Act, this section is applied to any security provided in relation to a regulated agreement, then, subject to section 177 (saving for registered charges)—
(a)the security, so far as it is so provided, shall be treated as never having effect;
(b)any property lodged with the creditor or owner solely for the purposes of the security as so provided shall be returned by him forthwith;
(c)the creditor or owner shall take any necessary action to remove or cancel an entry in any register, so far as the entry relates to the security as so provided; and
(d)any amount received by the creditor or owner on realisation of the security shall, so far as it is referable to the agreement, be repaid to the surety.
Modifications etc. (not altering text)
C1Ss. 105-107 excluded (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 12(2) (with art. 1(3))
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