Paragraph 2

Paragraph 5 is amended so as to have effect as follows (the amendments being, for convenience, shown in bold type):

“Businesses needing a licence

5

(1)

Section 21 does not apply to the carrying on of any description of consumer credit business or consumer hire business—

(a)

before 1st October 1977 in the case of a consumer credit business, not being a consumer credit business which is carried on by an individual and in the course of which only the following regulated consumer credit agreements (excluding agreements made before that date) are made, namely—

(i)

agreements for fixed-sum credit not exceeding £30, and

(ii)

agreements for running-account credit where the credit limit does not exceed that amount,

(b)

before the day appointed for the purposes of this paragraph in the case of any other description of consumer credit business, and

(c)

before 1st October 1977 in the case of any consumer hire business.

(2)

Where the person carrying on any description of consumer credit business or consumer hire business applies for a licence before the day specified or referred to in subparagraph (1) above in relation to a business of that description, he shall be deemed to have been granted on that day a licence covering that business and continuing in force until the licence applied for is granted or, if the application is refused, until the end of the appeal period.”