Agreements regulated under the 1974 Act etc.
I21Definition of ‘individual’
In section 189(1) of the 1974 Act (definitions) for the definition of “individual” substitute—
“individual” includes—
a
a partnership consisting of two or three persons not all of whom are bodies corporate; and
b
an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership;
2Removal of financial limits etc.
I4I61
In section 8 of the 1974 Act (which defines consumer credit agreements)—
a
in subsection (1) for “personal” substitute “
consumer
”
;
b
subsection (2) shall cease to have effect.
I52
In section 15(1) of that Act (which defines consumer hire agreements) paragraph (c) and the “and” immediately preceding it shall cease to have effect.
F43
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F63Exemption relating to high net worth debtors and hirers
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F74Exemption relating to businesses
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5Consequential amendments relating to ss. 1 to 4
F11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I32
In section 10 of that Act (running-account credit and fixed-sum credit)—
a
in subsection (1) for “personal” wherever occurring substitute “
consumer
”
;
F2b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F33
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F34
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I15
In subsection (1) of section 158 of that Act (duty of credit reference agency to disclose filed information) for paragraph (a) substitute—
a
a request in writing to that effect from a consumer,
I16
After subsection (4) of that section insert—
4A
In this section ‘consumer’ means—
a
a partnership consisting of two or three persons not all of whom are bodies corporate; or
b
an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership.
I37
In section 181(1) and (2) of that Act (power to alter monetary limits etc.) for “8(2), 15(1)(c)” substitute “
16B(1)
”
.
I18
In subsection (5) of section 185 of that Act (agreement with more than one debtor or hirer)—
a
in paragraph (b) for “a body corporate” substitute “
not an individual
”
;
b
for “the body corporate or bodies corporate” substitute “
each person within paragraph (b)
”
.
I19
In subsection (6) of that section after “a body corporate” insert “
within paragraph (b) of that subsection
”
.
F510
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .