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Can you summarize 1974 > Consumer Credit Act 1974?
1974 > Consumer Credit Act 1974
Short Summary
The Consumer Credit Act 1974 is a UK legislation that governs the regulation of consumer credit and consumer hire agreements. It applies to individuals and businesses involved in providing credit or hire agreements to consumers. The Act sets out various provisions and requirements for such agreements, including rules on advertising, disclosure of information, interest rates, and default charges. It also establishes the Office of Fair Trading as the regulatory authority responsible for enforcing the Act. The Act provides for exemptions for certain types of credit agreements, such as agreements for business purposes or agreements with a value below a certain threshold. Non-compliance with the Act can result in penalties, including fines and imprisonment. Overall, the Consumer Credit Act 1974 aims to protect consumers and ensure fair and transparent practices in the consumer credit industry.
Whom does it apply to?
The Act applies to individuals and businesses involved in providing credit or hire agreements to consumers.
What does it govern?
The Consumer Credit Act 1974 governs the regulation of consumer credit and consumer hire agreements in the UK.
What are exemptions?
The Act provides exemptions for certain types of credit agreements, such as agreements for business purposes or agreements with a value below a certain threshold.
What are the Penalties?
Non-compliance with the Act can result in penalties, including fines and imprisonment.
Jurisdiction
United Kingdom