Consumer Credit Act 1974
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
77A Statements to be provided in relation to fixed-sum credit agreements
(1) The creditor under a regulated agreement for fixed-sum credit must give the debtor statements under this section. (1A) The statements must relate to consecutive periods. (1B) The first such period must begin with either— (a) the day on which the agreement is made, or (b) the day the first movement occurs on the debtor's account with the creditor relating to the agreement. (1C) No such period may exceed a year. (1D) For the purposes of subsection (1C), a period of a year which expires on a non-working day may be regarded as expiring on the next working day. (1E) Each statement under this section must be given to the debtor before the end of the period of thirty days beginning with the day after the end of the period to which the statement relates. (2) Regulations may make provision about the form and content of statements under this section. (2A) Subsection (2B) applies if the regulated agreement is a green deal plan (within the meaning of section 1 of the Energy Act 2011). (2B) Any duty imposed on the creditor by this section may be discharged by another person acting on the creditor's behalf. (3) The debtor shall have no liability to pay any sum in connection with the preparation or the giving to him of a statement under this section. (4) The creditor is not required to give the debtor any statement under this section once the following conditions are satisfied— (a) that there is no sum payable under the agreement by the debtor; and (b) that there is no sum which will or may become so payable. (5) Subsection (6) applies if at a time before the conditions mentioned in subsection (4) are satisfied the creditor fails to give the debtor— (a) a statement under this section within the period mentioned in subsection (1E) ; ... (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) Where this subsection applies in relation to a failure to give a statement under this section to the debtor— (a) the creditor shall not be entitled to enforce the agreement during the period of non-compliance; (b) the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and (c) the debtor shall have no liability to pay any default sum which (apart from this paragraph)— (i) would have become payable during the period of non-compliance; or (ii) would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period). (7) In this section ‘the period of non-compliance’ means, in relation to a failure to give a statement under this section to the debtor, the period which— (a) begins immediately after the end of the period mentioned in . . . subsection (5); and (b) ends at the end of the day on which the statement is given to the debtor or on which the conditions mentioned in subsection (4) are satisfied, whichever is earlier. (8) This section does not apply in relation to— (a) a non-commercial agreement, (b) a small agreement, or (c) a regulated deferred payment credit agreement. (9) This section does not apply where the holder of a current account overdraws on the account without a pre-arranged overdraft or exceeds a pre-arranged overdraft limit.
77A Statements to be provided in relation to fixed-sum credit agreements
(1) The creditor under a regulated agreement for fixed-sum credit must give the debtor statements under this section. (1A) The statements must relate to consecutive periods. (1B) The first such period must begin with either— (a) the day on which the agreement is made, or (b) the day the first movement occurs on the debtor's account with the creditor relating to the agreement. (1C) No such period may exceed a year. (1D) For the purposes of subsection (1C), a period of a year which expires on a non-working day may be regarded as expiring on the next working day. (1E) Each statement under this section must be given to the debtor before the end of the period of thirty days beginning with the day after the end of the period to which the statement relates. (2) Regulations may make provision about the form and content of statements under this section. (2A) Subsection (2B) applies if the regulated agreement is a green deal plan (within the meaning of section 1 of the Energy Act 2011). (2B) Any duty imposed on the creditor by this section may be discharged by another person acting on the creditor's behalf. (3) The debtor shall have no liability to pay any sum in connection with the preparation or the giving to him of a statement under this section. (4) The creditor is not required to give the debtor any statement under this section once the following conditions are satisfied— (a) that there is no sum payable under the agreement by the debtor; and (b) that there is no sum which will or may become so payable. (5) Subsection (6) applies if at a time before the conditions mentioned in subsection (4) are satisfied the creditor fails to give the debtor— (a) a statement under this section within the period mentioned in subsection (1E) ; ... (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) Where this subsection applies in relation to a failure to give a statement under this section to the debtor— (a) the creditor shall not be entitled to enforce the agreement during the period of non-compliance; (b) the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and (c) the debtor shall have no liability to pay any default sum which (apart from this paragraph)— (i) would have become payable during the period of non-compliance; or (ii) would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period). (7) In this section ‘the period of non-compliance’ means, in relation to a failure to give a statement under this section to the debtor, the period which— (a) begins immediately after the end of the period mentioned in . . . subsection (5); and (b) ends at the end of the day on which the statement is given to the debtor or on which the conditions mentioned in subsection (4) are satisfied, whichever is earlier. (8) This section does not apply in relation to— (a) a non-commercial agreement, (b) a small agreement, or (c) a regulated deferred payment credit agreement. (9) This section does not apply where the holder of a current account overdraws on the account without a pre-arranged overdraft or exceeds a pre-arranged overdraft limit.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
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.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.