Regulation 1 Citation, commencement, interpretation and revocation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 1(2) words added by Consumer Credit (Total Charge for Credit, Agreements and Advertisements) 1999 reg. 3(a)(i)
reg. 1(2) words substituted by Consumer Credit (Total Charge for Credit, Agreements and Advertisements) 1999 reg. 3(a)(ii)
reg. 1 amended by Consumer Credit (Total Charge for Credit and Rebate on Early Settlement) 1989

(1)

These Regulations may be cited as the Consumer Credit (Total Charge for Credit) Regulations 1980 and shall come into operation on 28th April 1980.

(2)

In these Regulations—

“the Act” means the Consumer Credit Act 1974;
“agreement” means a consumer credit agreement;
“period rate of charge” has the meaning assigned to it by regulation 7(2) below;
“the relevant date” means, in a case where a date is specified in or determinable under an agreement at the date of its making as that on which the debtor is entitled to require provision of anything the subject of the agreement, the earliest such date and, in any other case, the date of the making of the agreement; and
“transaction”, except in regulation 5(1)(c) below, means an agreement, any transaction which is a linked transaction by virtue of section 19(1)(a) of the Act, any contract for the provision of security relating to the agreement and any other contract to which the debtor or a relative of his is a party and which the creditor requires to be made or maintained as a condition of the making of the agreement,

and, except where the contrary intention appears, other expressions used in these Regulations have the same respective meanings as in the Act.

(3)

For the purposes of these Regulations, references to the period for which credit is provided,–

(a)

in the case of an agreement under which the period for which credit is to be provided is ascertainable at the date of the making of the agreement, are references to the period beginning with the relevant date and ending with the end of the period for which credit is to be provided;

(b)

in the case of an agreement under which the period for which credit is to be provided can be ascertained at the relevant date if the assumption set out in regulation 13 below is applied, are references to the period beginning with the relevant date and ending with the end of the period for which credit would be provided under the agreement if the amount given by that assumption were the amount of the credit so provided; and

(c)

in any other case, are references to the period of one year referred to in regulation 14 below.

(4)

References in these Regulations to repayment of the credit under an agreement and of the total charge for credit include references to any repayment or payment, as the case may require, of any part of the credit and of the total charge for credit.

(5)

The Consumer Credit (Total Charge for Credit) Regulations 1977 are hereby revoked.