The Consumer Credit Act 2006 (Commencement No. 4 and Transitional Provisions) Order 2008

Citation

1.  This Order may be cited as the Consumer Credit Act 2006 (Commencement No.4 and Transitional Provisions) Order 2008.

Interpretation

2.—(1) In this Order—

“existing agreement” means an agreement made before 6th April 2008 by which the creditor provided the debtor with credit exceeding £25,000;

“relevant agreement” means a consumer credit agreement of a description set out in Schedule 1;

“the 1974 Act” means the Consumer Credit Act 1974(1); and

“the 2006 Act” means the Consumer Credit Act 2006.

(2) Expressions used in articles 2 to 4 and Schedule 1 have the same meaning as they have in the 1974 Act.

Commencement

3.—(1) The provisions of the 2006 Act specified in Schedule 2 shall come into force on 6th April 2008.

(2) The provisions of the 2006 Act specified in Schedule 3 shall come into force on 1st October 2008.

Transitional Provisions

4.—(1) Section 2(1) of the 2006 Act (removal of financial limits etc.) has no effect for the purposes of the application of section 82(2) of the 1974 Act (variation of agreements) where an agreement—

(a) varies or supplements an existing agreement; and

(b) would not, apart from section 82(2) of the 1974 Act, be treated as an agreement under which credit in the form of a cash loan is provided.

(2) Section 2(1) of the 2006 Act has no effect for the purposes of the application of section 82(2) of the 1974 Act where an exempt agreement varies or supplements an existing agreement.

Gareth Thomas

Parliamentary Under Secretary of State for Trade and Consumer Affairs

Department for Business, Enterprise & Regulatory Reform

20th March 2008