Article 2 Amendment of the CCA 1974

The Consumer Credit Act 1974^f1 is amended as follows.

For section 17(1)(a)^f2 (small agreements) substitute—

“(a)

a regulated consumer credit agreement for credit not exceeding £50, other than—

(i)

a hire-purchase agreement,

(ii)

a conditional sale agreement, or

(iii)

a regulated deferred payment credit agreement; or”.

In section 55^f3 (disclosure of information), in subsection (1), after “regulated agreement” insert “, other than a regulated deferred payment credit agreement,”.

In section 55C^f4 (copy of draft consumer credit agreement), after subsection (5) insert—

“(6)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 60^f5 (form and contents of agreements), in subsection (1), after “regulated agreements,” insert “other than regulated deferred payment credit agreements,”.

In section 61^f6 (signing of agreement), after subsection (4) insert—

“(5)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 61A^f7 (duty to supply copy of executed consumer credit agreement), after subsection (7) insert—

“(7A)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 76 (duty to give notice before taking certain action), after subsection (6) insert—

“(7)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 77^f8 (duty to give information to debtor under fixed-sum credit agreement), in subsection (5), after “non-commercial agreement” insert “or to a regulated deferred payment credit agreement”.

In section 77A^f9 (statements to be provided in relation to fixed-sum credit agreements), in subsection (8), for the words from “in relation to” to the end substitute—

“in relation to—

(a)

a non-commercial agreement,

(b)

a small agreement, or

(c)

a regulated deferred payment credit agreement.”.

In section 77B^f10 (fixed-sum credit agreement: statement of account to be provided on request), after subsection (10) insert—

“(11)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 82^f11 (variation of agreements), in subsection (7), after “non-commercial agreement” insert “or to a regulated deferred payment credit agreement”.

In section 86B^f12 (notice of sums in arrears under fixed-sum credit agreements etc.), after subsection (11) insert—

“(11A)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 86E^f13 (notice of default sums), in subsection (8), for the words from “in relation to” to the end substitute—

“in relation to—

(a)

a non-commercial agreement,

(b)

a small agreement, or

(c)

a regulated deferred payment credit agreement.”.

In section 87^f14 (need for default notice), after subsection (5) insert—

“(6)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 97^f15 (duty to give information), after subsection (3) insert—

“(4)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 97A^f16 (duty to give information on partial repayment), after subsection (2) insert—

“(3)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 98 (duty to give notice of termination (non-default cases)), after subsection (6) insert—

“(7)

This section does not apply to a regulated deferred payment credit agreement.”.

In section 103^f17 (termination statements), in subsection (4), after “non-commercial agreement” insert “or to a regulated deferred payment credit agreement”.

In section 129^f18 (time orders), in subsection (1), after paragraph (b) insert—

“(bza)

 on an application made by a debtor under this paragraph after the creditor has informed the debtor of the creditor’s intention—

(i)

to enforce a term of a regulated deferred payment credit agreement by—

(aa)

demanding earlier payment of any sum,

(bb)

treating any right conferred on the debtor by the agreement as terminated, restricted or deferred, or

(ii)

to terminate a regulated deferred payment credit agreement, or”

In section 189^f19 (definitions), after the definition of “regulated agreement” insert—

• ““regulated deferred payment credit agreement” means an agreement—

  1. (a)

     which meets each of the conditions set out in article 60F(2)(a) to (d)^f20 (exempt agreements: exemptions relating to number of repayments to be made) of the Regulated Activities Order; and

  2. (b)

     to which article 60F(7A) of that Order applies;”.