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Consumer Credit Bill
AIM
This bill aims to improve consumer protection in the loans market, updating the old consumer credit laws, principally the Consumer Credit Act 1974.

MAIN PROVISIONS
BILL'S PROGRESS 2005
Responsible department: Dept of Trade & Industry
Origin: House of Commons
Introduced: 18 May 2005
Second reading: 9 June 2005
Committee stage: 23, 28 June 2005
Report stage: 14 July 2005
Third reading: 14 July 2005
Consideration of Lords amendments: 29 March 2006
LORDS:
First reading: 19 July 2005
Second reading: 24 Oct 2005
Committee stage: 8 & 16 Nov 2005
Report stage: 18 Jan 2006
Third reading: 21 March 2006

ROYAL ASSENT: 30 March 2006
  • Regulates all consumer credit and consumer hire agreements subject to certain exemptions
  • Makes provision for the licensing of providers of consumer credit and consumer hire and ancillary credit services
  • Clarifies the functions and powers of the Office of Fair Trading (OFT) in relation to licensing
  • Enable debtors to challenge unfair relationships with creditors
  • Creates an ombudsman scheme to hear complaints in relation to businesses licensed under the Act

    BACKGROUND
    BILL'S PROGRESS 2004/05
    Responsible department: Dept of Trade & Industry
    Origin: House of Commons
    Introduced: 16 December 2004
    Second reading: 13 January 2005
    Programme motion: 13 January 2005
    Money resolution: 13 January 2005
    Examination by the Standing Committee (E): 25 & 27 January 2005
    The existing statute governs the licensing of, and other controls on, providers of credit or the supply of goods on hire or hire-purchase to individuals.

    The old legislation was created when there was only one credit card available.

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