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The Consumer Credit (Termination of Licences) Regulations 1976
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- UK Statutory Instruments
- 1976 No. 1002
- Explanatory Note
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EXPLANATORY NOTE
Under the Consumer Credit Act 1974, a licence issued by the Director General of Fair Trading is, with certain exceptions, to be required to carry on a consumer credit, consumer hire or ancillary credit business. Section 37(1) of that Act specifies certain events on the occurrence of which a licence held by one individual terminates.
These Regulations specify other events relating to licensees on the occurrence of which licences held by them are to terminate.
The Regulations also provide for the termination of a licence by section 37(1) of the Act or by virtue of the Regulations to be deferred for a period of 12 months and authorise the business of the licensee to be carried on under the licence by certain other persons during that period subject to prescribed conditions.
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