Change 1 Article Choose an article Title and introductory text 8 Consumer credit agreements. 9 Meaning of credit. 10 Running-account credit and fixed-sum credit. 11 Restricted-use credit and unrestricted-use credit. 12 Debtor-creditor supplier agreements. 13 Debtor-creditor agreements. 14 Credit-token agreements. 15 Consumer hire agreements. 16 Exempt agreements. 16A Exemption relating to high net worth debtors and hirers 16B Exemption relating to businesses 16C Exemption relating to investment properties 17 Small agreements. 18 Multiple agreements. 19 Linked transactions. 20 Total charge for credit 43 Advertisements to which Part IV applies. 44 Form and content of advertisements. 45 Prohibition of advertisement where goods etc. not sold for cash. 46 False or misleading advertisements. 47 Advertising infringements. 48 Definition of canvassing off trade premises (regulated agreements). 49 Prohibition of canvassing debtor-creditor agreements off trade premises. 50 Circulars to minors. 51 Prohibition of unsolicited credit-tokens. 52 Quotations. 53 Duty to display information. 54 Conduct of business regulations. 55 Disclosure of information. 55A Pre-contractual explanations etc 55B Assessment of creditworthiness 55C Copy of draft consumer credit agreement 56 Antecedent negotiations. 57 Withdrawal from prospective agreement. 58 Opportunity for withdrawal from prospective land mortgage. 59 Agreement to enter future agreement void. 60 Form and content of agreements. 61 Signing of agreement. 61A Duty to supply copy of executed consumer credit agreement 61B Duty to supply copy of overdraft agreement 62 Duty to supply copy of unexecuted agreement : excluded agreements. 63 Duty to supply copy of executed agreement : excluded agreements. 64 Duty to give notice of cancellation rights. 65 Consequences of improper execution. 66 Acceptance of credit-tokens. 66A Withdrawal from consumer credit agreement 67 Cancellable agreements. 68 Cooling-off period. 69 Notice of cancellation. 70 Cancellation: recovery of money paid by debtor or hirer. 71 Cancellation: repayment of credit. 72 Cancellation: return of goods. 73 Cancellation: goods given in part-exchange. 74 Exclusion of certain agreements from Part V. 75 Liability of creditor for breaches by supplier. 75A Further provision for liability of creditor for breaches by supplier 76 Duty to give notice before taking certain action. 77 Duty to give information to debtor under fixed-sum credit agreement. 77A Statements to be provided in relation to fixed-sum credit agreements 77B Fixed-sum credit agreement: statement of account to be provided on request 78 Duty to give information to debtor under running-account credit agreement. 78A Duty to give information to debtor on change of rate of interest 79 Duty to give hirer information. 80 Debtor or hirer to give information about goods. 81 Appropriation of payments. 82 Variation of agreements. 82A Assignment of rights 83 Liability for misuse of credit facilities. 84 Misuse of credit-tokens. 85 Duty on issue of new credit-tokens. 86 Death of debtor or hirer. 86A FCA to prepare information sheets on arrears and default 86B Notice of sums in arrears under fixed-sum credit agreements etc. 86C Notice of sums in arrears under running-account credit agreements 86D Failure to give notice of sums in arrears 86E Notice of default sums 86F Interest on default sums 87 Need for default notice. 88 Contents and effect of default notice. 89 Compliance with default notice. 90 Retaking of protected hire-purchase etc. goods. 91 Consequences of breach of s. 90. 92 Recovery of possession of goods or land. 93 Interest not to be increased on default. 93A Summary diligence not competent in Scotland. 94 Right to complete payments ahead of time. 95 Rebate on early settlement. 95A Compensatory amount 95B Compensatory amount: green deal finance 96 Effect on linked transactions. 97 Duty to give information. 97A Duty to give information on partial repayment 98 Duty to give notice of termination (non-default cases). 98A Termination etc of open-end consumer credit agreements 99 Right to terminate hire-purchase etc. agreements. 100 Liability of debtor on termination of hire-purchase etc. agreement. 101 Right to terminate hire agreement. 102 Agency for receiving notice of rescission. 103 Termination statements. 104 Goods not to be treated as subject to landlord’s hypothec in Scotland. 105 Form and content of securities. 106 Ineffective securities. 107 Duty to give information to surety under fixed-sum credit agreement. 108 Duty to give information to surety under running-account credit agreement. 109 Duty to give information to surety under consumer hire agreement. 110 Duty to give information to debtor or hirer. 111 Duty to give surety copy of default etc. notice. 112 Realisation of securities. 113 Act not to be evaded by use of security. 114 Pawn-receipts. 115 Penalty for failure to supply copies of pledge agreement, etc. 116 Redemption period. 117 Redemption procedure. 118 Loss etc. of pawn-receipt. 119 Unreasonable refusal to deliver pawn. 120 Consequence of failure to redeem. 121 Realisation of pawn. 122 Order in Scotland to deliver pawn. 123 Restrictions on taking and negotiating instruments. 124 Consequences of breach of s. 123. 125 Holders in due course. 126 Enforcement of land mortgages. 127 Enforcement orders in cases of infringement. 128 Enforcement orders on death of debtor or hirer. 129 Time orders. 129A Debtor or hirer to give notice of intent etc. to creditor or owner 130 Supplemental provisions about time orders. 130A Interest payable on judgment debts etc. 131 Protection orders. 132 Financial relief for hirer. 133 Hire-purchase etc. agreements: special powers of court. 134 Evidence of adverse detention in hire-purchase etc. cases. 135 Power to impose conditions, or suspend operation of order. 136 Power to vary agreements and securities. 137 Extortionate credit bargains. 138 When bargains are extortionate. 139 Reopening of extortionate agreements. 140 Interpretation of sections 137 to 139. 140A Unfair relationships between creditors and debtors 140B Powers of court in relation to unfair relationships 140C Interpretation of ss. 140A and 140B 140D Advice and information 141 Jurisdiction and parties. 142 Power to declare rights of parties. 143 Jurisdiction of county court in Northern Ireland. 144 Appeal from county court in Northern Ireland. 145 Types of ancillary credit business. 148 Agreement for services of unlicensed trader. 149 Regulated agreements made on introductions by unlicensed credit-broker. 153 Definition of canvassing off trade premises (agreements for ancillary credit services). 154 Prohibition of canvassing certain ancillary credit services off trade premises. 155 Right to recover brokerage fees. 156 Entry into agreements. 157 Duty to disclose name etc. of agency. 158 Duty of agency to disclose filed information. 159 Correction of wrong information. 160 Alternative procedure for business consumers. 160A Credit intermediaries 161 Enforcement authorities. 162 Powers of entry and inspection. 163 Compensation for loss. 164 Power to make test purchases etc. 165 Obstruction of authorised officers. 166 Notification of convictions and judgments to FCA. 167 Penalties. 168 Defences. 169 Offences by bodies corporate. 170 No further sanctions for breach of Act. 171 Onus of proof in various proceedings. 172 Statements by creditor or owner to be binding. 173 Contracting-out forbidden. 174 Restrictions on disclosure of information. 174A Powers to require provision of information or documents etc. 175 Duty of persons deemed to be agents. 176 Service of documents. 176A Electronic transmission of documents 177 Saving for registered charges. 178 Local Acts. 179 Power to prescribe form etc. of secondary documents. 180 Power to prescribe form etc. of copies. 181 Power to alter monetary limits etc. 182 Regulations and orders. 183 Determinations etc. by FCA . 184 Associates. 185 Agreement with more than one debtor or hirer. 186 Agreement with more than one creditor or owner. 187 Arrangements between creditor and supplier. 187A Definition of ‘default sum’ 188 Examples of use of new terminology. 189 Definitions. 189A Meaning of “consumer credit EEA firm ” 189B Green deal plans 189C Section 189B: supplementary provision 189D Section 189B: temporary provision 190 Financial provisions. 191 Special provisions as to Northern Ireland. 192 Transitional and commencement provisions, amendments and repeals. 193 Short title and extent. SCHEDULE A1 The Consumer Credit Appeals Tribunal SCHEDULE 1 Prosecution and Punishment of Offences SCHEDULE 2 Examples of Use of New Terminology SCHEDULE 2A MEANING OF “DEBTOR” IN RELATION TO GREEN DEAL AGREEMENTS SCHEDULE 3 Transitional and Commencement Provisions SCHEDULE 4. MINOR AND CONSEQUENTIAL AMENDMENTS Schedule 5 Repeals
What to do with it
As published
106 Ineffective securities.
Where, under any provision of this Act, this section is applied to any security provided in relation to a regulated agreement, then, subject to section 177 (saving for registered charges)—
(a) the security, so far as it is so provided, shall be treated as never having effect;
(b) any property lodged with the creditor or owner solely for the purposes of the security as so provided shall be returned by him forthwith;
(c) the creditor or owner shall take any necessary action to remove or cancel an entry in any register, so far as the entry relates to the security as so provided; and
(d) any amount received by the creditor or owner on realisation of the security shall, so far as it is referable to the agreement, be repaid to the surety.
Your wording
Your change, as a redline
106 Ineffective securities.
Where, under any provision of this Act, this section is applied to any security provided in relation to a regulated agreement, then, subject to section 177 (saving for registered charges)—
(a) the security, so far as it is so provided, shall be treated as never having effect;
(b) any property lodged with the creditor or owner solely for the purposes of the security as so provided shall be returned by him forthwith;
(c) the creditor or owner shall take any necessary action to remove or cancel an entry in any register, so far as the entry relates to the security as so provided; and
(d) any amount received by the creditor or owner on realisation of the security shall, so far as it is referable to the agreement, be repaid to the surety.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.