Explanatory note

These Regulations prescribe, for the purposes of section 121(1) of the Consumer Credit Act 1974, the minimum period of notice (14 days) which must be given of the intention to sell an article taken in pawn, when such an article taken in pawn has become realisable by the creditor. The Regulations also provide that, where the credit, or credit limit, is not more than £50, the requirement to give notice of intention to sell an article taken in pawn does not apply. They also prescribe, for the purposes of section 121(2) of the Act, the period (20 working days) within which, after the sale takes place, the creditor must give information in writing to the debtor as to the sale, its proceeds and expenses.

The Regulations also prescribe the particulars to be indicated, in addition to the asking price, in a notice of the intention to sell an article taken in pawn under a regulated consumer credit agreement and the information to be given after the sale as to the sale, its proceeds and expenses.