Article 7 Amendments to the 1974 Act

(1)

The 1974 Act is amended as follows.

(2)

In section 49 (prohibition of canvassing debtor-creditor agreements off trade premises)^f1 for “OFT” in each place substitute “FCA”.

(3)

In section 60 (form and content of agreements)^f2—

(a)

in subsection (1)—

(i)

for “Secretary of State” in each place substitute “Treasury”;

(ii)

for “him” in the first place it occurs substitute “them”;

(b)

in subsection (3), for “OFT” in each place substitute “FCA”;

(c)

in subsection (4), for “OFT” substitute “FCA”.

(4)

In section 64(4) (duty to give notice of cancellation rights)^f3, for “OFT” in each place substitute “FCA”.

(5)

In section 74(3) (exclusion of certain agreements from Part 5)^f4, for “OFT” in each place substitute “FCA”.

(6)

In the heading of section 86A (OFT to prepare information sheets on arrears and default)^f5, for “OFT” substitute “FCA”.

(7)

In section 86A—

(a)

in subsection (1), for “OFT shall prepare, and give general notice of,” substitute “FCA shall prepare and issue”;

(b)

in subsection (5), for “general notice of it is given” substitute “it is issued”;

(c)

for subsection (6), substitute—

“(6)
If the FCA revises an information sheet after it has been issued, it shall issue the revised information sheet.”;

(d)

in subsection (7), for “general notice of it is given” substitute “it is issued”.

(8)

In section 101 (right to terminate hire agreement)^f6—

(a)

in subsection (8)—

(i)

for “OFT” in each place substitute “FCA”;

(ii)

omit “by notice to the applicant”;

(b)

in subsection (8A)—

(i)

for “OFT” substitute “FCA”;

(ii)

omit “by general notice”.

(9)

In section 113(2) (Act not to be evaded by use of security)^f7, for “OFT” substitute “FCA”.

(10)

In section 123(6) (restrictions on taking and negotiating instruments), for “Secretary of State” substitute “Treasury”.

(11)

In section 159(8)(a) (correction of wrong information)^f8, for “OFT” substitute “FCA”.

(12)

In section 160 (alternative procedure for business consumers)^f9, for “OFT” in each place substitute “FCA”.

(13)

In section 161 (enforcement authorities)^f10, in subsection (3), for “OFT” substitute “FCA”.

(14)

In the heading of section 166 (notification of convictions and judgments to OFT)^f11, for “OFT” substitute “FCA”.

(15)

In section 166(a)—

(a)

for “OFT under” substitute “FCA under the Financial Services and Markets Act 2000 or”;

(b)

for “OFT’s” substitute “FCA’s”.

(16)

In section 170 (no further sanctions for breach of Act)^f12—

(a)

in subsection (1), after “except to the extent (if any) expressly provided for by or under this Act” insert “or by or under the Financial Services and Markets Act 2000 by virtue of an order made under section 107 of the Financial Services Act 2012”;

(b)

in subsection (2), for “OFT” substitute “FCA”.

(17)

In section 178 (local Acts), for “Secretary of State” in each place substitute “Treasury”.

(18)

In section 181(1) (power to alter monetary limits etc.)^f13, for “Secretary of State” substitute “Treasury”.

(19)

In section 182 (regulations and orders)^f14, for “Secretary of State” in each place substitute “Treasury”.

(20)

In section 183 (determinations etc. by the OFT)^f15—

(a)

in the heading, for “OFT” substitute “FCA”;

(b)

in subsection (1), for “OFT” substitute “FCA”.

(21)

In section 188(4) (examples of use of new terminology), for “Secretary of State” substitute “Treasury”.

(22)

In section 189 (definitions)^f16—

(a)

in subsection (1)—

(i)

after the definition of “exempt agreement” insert—

““FCA” means the Financial Conduct Authority;”;

(ii)

omit the definition of “general notice”;

(iii)

omit the definition of “OFT”;

(iv)

in the definition of “regulations”, for “Secretary of State” substitute “Treasury”;

(b)

in subsection (5), for “OFT” in each place substitute “FCA”.

Annotations

Footnotes

f1: Amended by Schedule 25 to the Enterprise Act 2002.
f2: Amended by Schedule 25 to the Enterprise Act 2002 and S.I. 2010/1010.
f3: Amended by Schedule 25 to the Enterprise Act 2002.
f4: Amended by Schedule 25 to the Enterprise Act 2002 and S.I. 2010/1010.
f5: Inserted by section 8 of the Consumer Credit Act 2006.
f6: Amended by Schedule 25 to the Enterprise Act 2002, section 63 of the Consumer Credit Act 2006 and S.I.1998/997.
f7: Amended by Schedule 25 to the Enterprise Act 2002.
f8: Amended by Schedule 25 to the Enterprise Act 2002.
f9: Amended by section 62 of and Schedule 14 to the Data Protection Act 1998 (c.29) and Schedule 25 to the Enterprise Act 2002.
f10: Amended by Schedule 4 to the Local Government, Planning and Land Act 1980 (c.65) and Schedule 25 to the Enterprise Act 2002.
f11: Amended by Schedule 25 to the Enterprise Act 2002.
f12: Amended by Schedule 25 to the Enterprise Act 2002.
f13: Amended by section 53 of the Consumer Credit Act 2006.
f14: Amended by section 58 of the Consumer Credit Act 2006 and S.I. 2009/1835.
f15: Substituted by section 64 of the Consumer Credit Act 2006.
f16: Amended by Schedule 2 to the Sale of Goods Act 1979 (c.54), Schedule 17 to the Local Government Act 1985 (c.51), Schedule 18 to the Building Societies Act 1986 (c.53), Schedule 16 to the Electricity Act 1989 (c.29), Schedule 2 to the Age of Legal Capacity (Scotland) Act 1991 (c.50), Schedule 22 to the Friendly Societies Act 1992 (c. 40), Schedules 16 and 18 to the Local Government (Wales) Act 1994 (c.19), Schedule 13 to the Local Government etc. (Scotland) Act 1994 (c.39), Schedules 25 and 26 to the Enterprise Act 2002, sections 1, 5, 18, 23, 24, 25, 27, 51, 58 of and Schedule 4 to the Consumer Credit Act 2006, Schedule 7 to the Charities Act 2011 (c.25), S.I. 1992/231, 2001/3649, 2004/3236, 2006/242, 2008/2826, 2009/1835 and 2010/1010.