Businesses requiring a licence and consequences of not being licensed

23Definitions of ‘consumer credit business’ and ‘consumer hire business’

In section 189(1) of the 1974 Act (definitions)—

a

for the definition of ‘consumer credit business’ substitute—

‘consumer credit business’ means any business being carried on by a person so far as it comprises or relates to—

a

the provision of credit by him, or

b

otherwise his being a creditor,

under regulated consumer credit agreements;

b

for the definition of “consumer hire business” substitute—

“consumer hire business” means any business being carried on by a person so far as it comprises or relates to—

a

the bailment or (in Scotland) the hiring of goods by him, or

b

otherwise his being an owner,

under regulated consumer hire agreements;