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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Consumer Credit Act 1974 (Commencement No. 7) Order 1981 No. 280 (C. 6) URL: http://www.bailii.org/uk/legis/num_reg/1981/uksi_1981280_en.html |
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Statutory Instruments
CONSUMER CREDIT
Made
25th February 1981
The Secretary of State, in exercise of powers conferred on him by section 192(4) of the Consumer Credit Act 1974 and of all other powers enabling him in that behalf, hereby makes the following Order:-
1. This Order may be cited as the Consumer Credit Act 1974 (Commencement No. 7) Order 1981.
2. The repeals specified in Schedule 5 to the Consumer Credit Act 1974 which are set out in the Schedule to this Order shall come into operation on 30th March 1981 in relation to consumer credit agreements made on or after that day.
Sally Oppenheim
Minister of State
Department of Trade
25th February 1981
(Article 2)
| Chapter | Short Title | Extent of Repeal |
|---|---|---|
| 1927 c. 21. | Moneylenders Act 1927. | In section 14(1)(a), the words ", and the rate of interest charged shall not exceed the rate of twenty per cent. per annum". |
| 1933 c. 23 (N.I.) . | Moneylenders Act (Northern Ireland) 1933. |
This Order appoints (see Article 2 ) 30th March 1981 as the day on which repeals specified in Schedule 5 to the Consumers Credit Act 1974 of the provisions in section 14 of the Moneylenders Act 1927 and the Moneylenders Act (Northern Ireland) 1933 as to the maximum rate of interest charged on pawnbrokers' loans by moneylenders come into operation in relation to consumer credit agreements made on or after that day. Such loans will remain subject to the provisions of section 137 of the Consumer Credit Act 1974 governing extortionate credit bargains. The Consumer Credit Act 1974 (Commencement No. 5) Order 1979 (S.I. 1979/1685) appointed 27th January 1980 as the day for certain repeals, including repeals of the provisions in question, to come into operation in relation to agreements which are not consumer credit agreements.
Moneylenders who comply with the special provisions as to pawnbrokers' loans in section 14 of the Moneylenders Act 1927 or the Moneylenders Act (Northern Ireland) 1933 do not have to comply with the provisions of sections 6 (form of contracts), 12 (prohibition of charge for expenses on loans by moneylenders) and 13 (limitation of time for proceedings in respect of money lent by moneylenders) of those Acts.
The provisions of the Act came into operation on its passing, that is on 31st July 1974, except as otherwise mentioned in Schedule 3 to the Act. The following provisions of the Act have been brought into force by the Commencement Orders listed below made before the date of this Order for the purposes of Schedule 3 and in certain cases the Orders have amended provisions of Schedule 3. Certain of the amendments to other Acts contained in Schedule 4 and certain of the repeals contained in Schedule 5 have also been brought into force. A list of these latter provisions is available to enquires at the Department of Trade at Millbank Tower, Millbank, London SW1P 4QU.
| Paragraph of Schedule 3 to the Act | Provisions | S.I. No. |
|---|---|---|
| 1 | Certain consumer credit and consumer hire agreements made on or after 1st April 1977 to be regulated agreements. | 1977/325 |
| 5 | Section 21 to apply to consumer credit businesses, subject to certain exceptions, and to consumers hire businesses, carried on on or after 1st October 1977 | 1977/325 |
| 6 | Sections 35 and 36 (operative 2nd February 1976) | 1975/2123 |
| 7 | Section 40 to apply to regulated agreements made in the course of any business on or after the day specified or referred to in paragraph 5(1) of Schedule 3 in relation to the description of business in question | 1977/325 showing provision as amended |
| 8 | Part IV to apply to advertisements published on or after 6th October 1980 | 1980/50 |
| 9 | Section 49 (operative 1st October 1977) | 1977/802 |
| 10 | Section 50 (operative 1st July 1977) | 1977/802 |
| 11 | Section 51(1) to apply to the giving of a credit-token on or after 1st July 1977 | 1977/802 |
| 12 | Section 56 to apply to regulated agreements where negotiations begin after 16th May 1977 | 1977/325 |
| 15 | Section 75 (operative 1st July 1977 but only in relation to agreements made on or after that date) | 1977/802 |
| 19 | Section 82 (operative 1st April 1977) | 1977/325 |
| 42 | Sections 137 to 140 (operative 16th May 1977 in relation to agreements and transactions whenever made) | 1977/325 |
| 44 | Section 21(1) to apply (by virtue of section 147(1)) to ancillary credit businesses (except credit-brokerage businesses) carried on on or after 3rd August 1976 | 1975/2123 |
| Section 21(1) to apply (by virtue of section 147(1)), subject to certain exceptions, to credit-brokerage businesses carried on on or after 1st July 1978 | 1977/2163 | |
| 45 | Section 148(1) to apply to agreements made on or after 3rd August 1976 in the course of ancillary credit businesses except credit-brokerage businesses | 1975/2123 |
| Section 148(1) to apply to agreements made on or after 1st July 1978 in the course of credit-brokerage businesses, subject to certain exceptions | 1977/2163 | |
| 46 | Section 149 to apply to regulated agreements made on introductions effected on or after 1st July 1978 in the course of credit-brokerage businesses | 1977/2163 |
| 47 | Section 151(1) and (2) to apply to advertisements published on or after 6th October 1980 | 1980/50 |
| 48 | Sections 157 and 158 to apply to requests for information received on or after 16th May 1977 | 1977/325 |
