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Version Superseded: 01/12/2001
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Consumer Credit Act 1974, Section 40 is up to date with all changes known to be in force on or before 29 August 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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(1)A regulated agreement, other than a non-commercial agreement, if made when the creditor or owner was unlicensed, is enforceable against the debtor or hirer only where the Director has made an order under this section which applies to the agreement.
(2)Where during any period an unlicensed person (the “trader ”) was carrying on a consumer credit business or consumer hire business, he or his successor in title may apply to the Director for an order that regulated agreements made by the trader during that period are to be treated as if he had been licensed.
(3)Unless the Director determines to make an order under subsection (2) in accordance with the application, he shall, before determining the application, by notice—
(a)inform the applicant, giving his reasons, that, as the case may be, he is minded to refuse the application, or to grant it in terms different from those applied for, describing them, and
(b)invite the applicant to submit to the Director representations in support of his application in accordance with section 34.
(4)In determining whether or not to make an order under subsection (2) in respect of any period the Director shall consider, in addition to any other relevant factors—
(a)how far, if at all, debtors or hirers under regulated agreements made by the trader during that period were prejudiced by the trader’s conduct,
(b)whether or not the Director would have been likely to grant a licence covering that period on an application by the trader, and
(c)the degree of culpability for the failure to obtain a licence.
(5)If the Director thinks fit, he may in an order under subsection (2)—
(a)limit the order to specified agreements, or agreements of a specified description or made at a specified time;
(b)make the order conditional on the doing of specified acts by the applicant.
Modifications etc. (not altering text)
C1S. 40 restricted (1.1.1993) by S.I. 1992/3218, reg. 61(1)
S. 40 modified (1.1.1996) by S.I. 1995/3275, reg. 38(1)
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