HC Deb 03 November 1983 vol 47 cc434-5W
Mr. John Taylor

asked the Secretary of State for Trade and Industry when he will lay regulations and orders to implement further provisions of the Consumer Credit Act 1974; and if he will make a statement.

Mr. Alexander Fletcher

I have today laid regulations to implement all the remaining major provisions of the Consumer Credit Act 1974 together with a draft order to increase certain monetary limits in the Act. With the exception of those monetary limits mentioned in my statement to the House on 25 October 1983 which will come into force at the beginning of 1984, all the remaining provisions will come into force in May 1985. I have proposed the 18-month lead-in period to allow the credit industry time to adjust to the new legal requirements.

Consumers will benefit from new protection over the whole range of credit and hire agreements. Traders will benefit from the rationalisation of the law on credit, some of which is over a century old. Extensive consultation has taken place and I am satisfied that a careful balance has been struck between consumer protection and the need to limit the burdens on the credit industry.

The statutory instruments I have laid are as follows:

  • S.I. 1983/1552—Consumer Credit (Agreements to enter Prospective Agreements) (Exemptions) Regulations 1983
  • S.I. 1983/1553 — Consumer Credit (Agreements) Regulations 1983
  • S.I. 1983/1554—Consumer Credit (Payments Arising on Death) Regulations 1983
  • S.I. 1983/1555 — Consumer Credit (Credit-Token Agreements) Regulations 1983
  • S.I. 1983/1556 — Consumer Credit (Guarantees and Indemnities) Regulations 1983
  • S.I. 1983/1557—Consumer Credit (Cancellation Notices and Copies of Documents) Regulations 1983
  • S.I. 1983/1558 — Consumer Credit (Notice of Cancellation Rights) (Exemptions) Regulations 1983
  • S.I. 1983/1559 — Consumer Credit (Repayment of Credit on Cancellation) Regulations 1983
  • S.I. 1983/1560 — Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983
  • S.I. 1983/1561 — Consumer Credit (Enforcement, Default and Termination Notices) Regulations 1983
  • S.I. 1983/1562 — Consumer Credit (Rebate on Early Settlement) Regulations 1983
  • S.I. 1983/1564 — Consumer Credit (Settlement Information) Regulations 1983
  • S.I. 1983/1565 — Consumer Credit (Conduct of Business) (Pawn Records) Regulations 1983
  • S.I. 1983/1566 — Consumer Credit (Pawn-Receipts) Regulations 1983
  • S.I. 1983/1567 — Consumer Credit (Loss of Pawn-Receipt) Regulations 1983
  • S.I. 1983/1568 — Consumer Credit (Realisation of Pawn) Regulations 1983
    • 435
  • S.I. 1983/1569—Consumer Credit (Prescribed Periods for Giving Information) Regulations 1983
  • S.I. 1983/1570 — Consumer Credit (Running-Account Credit Information) Regulations 1983
  • Draft Consumer Credit (Increase of Monetary Limits) Order 1983

I have also made the following orders: