Consumer Credit Act 2006

Consumer Credit Act 2006 looks at the importance of Consumer Credit Act 2006 in the context of the consumer credit industry of the United Kingdom. There is a detailed list of the various aspects administered by the Consumer Credit Act 2006. Description of Consumer Credit Act 2006 The Consumer Credit Act 2006 is one of the most important financial legislations. It has been passed in the United Kingdom and is one of the most important public acts of the year 2006. It is extremely important in the context of the consumer credit scenario in the United Kingdom.

Agreements governed by Consumer Credit Act 2006 The following agreements are governed by the Consumer Credit Act 2006:
Definition of the term individual
Freedom that is provided to the business entities
Elimination of the monetary restrictions
Important improvements that are related to ss. 1 to 4
Exemptions that are granted to the hirers and debtors who have a higher net worth
Important Statements of Consumer Credit Act 2006 In the context of the Consumer Credit Act 2006 there are certain statements that are important and are concerned with the credit contracts. They are as follows:
Statements of credit deals that have a constant amount are supposed to be provided.
There are some more provisions in this case and are related to such statements
Areas covered by Consumer Credit Act 2006 The Consumer Credit Act 2006 also covers the following areas in the context of the consumer credit industry of the United Kingdom:
Default under regulated agreements
Powers and duties in relation to information
Unfair relationships
Civil penalties
Businesses requiring a license and consequences of not being licensed
Appeals
Applications for licenses and fitness to hold a license etc.
Ombudsman scheme
Duration of licenses and charges
Further powers of OFT to regulate conduct of licensees etc.
Miscellaneous

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Last Updated on : 9th July 2013

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