Consumer Credit Act 1974
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| Consumer Credit Act 1974 | |
| United Kingdom Parliament | |
| Long title: | An Act to establish for the protection of consumers a new system, administered by the Director General of Fair Trading... |
| Statute book chapter: | 1974 c. 39 |
| Introduced by: | |
| Territorial extent: | England & Wales; Scotland; Northern Ireland |
| Dates | |
| Date of Royal Assent: | 31 July 1974 |
| Commencement: | 31 July 1974, 19 May 1985 |
| Other legislation | |
| Amendments: | Multiple amendments |
| Related legislation: | |
| Status: Substantially amended | |
| Text of statute as originally enacted | |
| Official text of the statute as amended and in force today within the United Kingdom, from the UK Statute Law Database | |
The Consumer Credit Act 1974 is a consumer protection law in the UK. Until 6th April 2008, it required certain businesses to obtain Consumer credit licences and protected individuals receiving credit up to £25,000. After that date, new agreements for credit in excess of £25,000 are also protected as a result of amendments made by the Consumer Credit Act 2006. Appeals under the Consumer Credit Act are made to the Office of Fair Trading. Mortgages of land are regulated by the Financial Services and Markets Act 2000.
Cancellable agreements have a cooling-off period starting on the day the customer signs. This period is 14 days for goods bought from a mail-order catalogue. Otherwise, it is five days from the day the customer receives either a second copy of the agreement or a separate copy of a notice of cancellation rights.
[edit] Consumer credit licences
Consumer credit licences are issued by the Office of Fair Trading, it is a criminal offence to offer credit services without a licence; penalties include a fixed fine and imprisonment.
[edit] See also
[edit] External links
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