- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more
1.—(1) These Regulations may be cited as the Consumer Credit (Termination of Licences) Regulations 1976 and shall come into operation on 3rd August 1976.
(2) In these Regulations—
“the Act” means
“the court” means
“licence” means
“period of deferment” means
“terminating event” means
and except where the contrary intention appears, other expressions used in these Regulations have the same respective meanings as in the Act.
(3) The Interpretation Act 1889 shall apply for the interpretation of these Regulations as it applies for the interpretation of an Act of Parliament.
2. In addition to the events specified in section 37(1) of the Act and set out in the Schedule to these Regulations, the other events specified in that Schedule shall be events relating to a licensee on the occurrence of which the licence held by him is to terminate.
3. The termination of a licence by section 37(1) of the Act or under regulation 2 of these Regulations shall be deferred for a period of twelve months beginning with the date of the terminating event (“period of deferment”).
4.—(1) In this regulation references to the prescribed period of a licence are references to the period during which the licence covers such activities as are described in it, being the period prescribed for that purpose by regulation 2 of the Consumer Credit (Period of Standard Licence) Regulations 1975(1).
(2) Where, in relation to a licence, the period of deferment has effect such that it would expire after the end of the prescribed period of the licence, the said regulation 2 shall apply in relation to the licence as if the period so prescribed were one which began with the date mentioned in that regulation and ended with the expiration of the period of deferment.
5. Where there occurs—
(a)any terminating event; or
(b)any subsequent event which would be a terminating event in relation to the licence if the licence was not already to terminate by virtue of an earlier terminating event;
any person specified in the Schedule in relation to that terminating event or that subsequent event, as the case may be, shall be authorised to carry on the the business of the licensee under the licence during the period of deferment but subject to the conditions prescribed in regulation 6.
6. A person authorised by regulation 5 to carry on the business of the licensee shall do so subject to the following conditions, that is to say—
(a)that he shall, within a period of two months beginning with the date on which he becomes authorised to carry on the business of the licensee, give notice in writing to the Director of—
(i)his name and the address from which he is or will be carrying on the business of the licensee;
(ii)the name and address of the licensee as specified in the licence;
(iii)the terminating event by virtue of which he is or will be carrying on the business of the licensee and the date of that event; and
(iv)the capacity in which he is or will be carrying on that business; and
(b)that if he fails to comply with (a) above, he shall not be authorised to carry on the business of the licensee after the expiry of the period specified in that paragraph until such time as he has given notice in writing to the Director of all the matters specified therein.
John Fraser
Minister of State
Department of Prices and Consumer Protection
24th June 1976
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: