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The Consumer Credit Act 1974 requires most businesses that offer goods or services on credit or lend money to consumers to be licensed by the OFT. Trading without a licensing arrangement is a criminal offence and can result in a fine and/or imprisonment.
The Act also requires certain credit and hire arrangements to be set out in a particular way and to contain certain information.
Consumer Credit Directive
The Consumer Credit Act and regulations are changing as a result of implementation of the Consumer Credit Directive (CCD). Regulations were laid on 30 March 2010 and are due to come into force on 1 February 2011. It will however be open to firms to comply before then if they choose. Details can be found on the Department for Business, Innovation and Skills (BIS) website.
Relevant OFT guidance will be updated in due course in the light of the CCD changes.
For information on consumer credit licensing agreements, including application forms, go to the Licensing area of the site.
The information on the pages listed below is outline only. Any legal views expressed in these pages or in any OFT guidance mentioned are those of the OFT. Only a court of law can give a definitive legal view on the meaning of the provisions of the Act or any legislation related to it. To find out your rights under the Act or other legislation you should obtain legal advice.
For general enquiries and guidance on the work of OFT, please phone us on 08457 22 44 99 or email enquiries@oft.gsi.gov.uk.
For general information on the Consumer Credit Act 1974, please see the pages below.
For general information on the changes introduced by the Consumer Credit Act 2006, please see the pages below.
Back to: Relevant legislation
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