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The Consumer Credit Act 1974 lays down rules requiring information to be given to borrowers or hirers during the lifetime of a regulated consumer credit agreement or consumer hire agreement.
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.
The requirements will be enhanced from 1 October 2008 as a result of changes in the Consumer Credit Act 2006, as implemented by the Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007.
Copies of the Regulations and amending Regulations can be found on the Office of Public Sector Information website.
The 1974 Act includes requirements in respect of:
The 2006 Act introduces new requirements in respect of:
The Act also requires the OFT to produce information sheets to accompany arrears notices and default notices.
The OFT has produced guidance (pdf 141 kb) on the post-contract information requirements.
Back to: Consumer Credit Act
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