As of October 1, 2008, Section 77A of the CCA requires the funder to file an annual return containing the information prescribed by the 2007 regulations and providing: – 13. The 1974 Act establishes a framework for the regulation of the provision of consumer credit and the leasing of goods in the United Kingdom and provides that a licence is required by law to carry out a consumer credit activity, a consumer leasing company and an auxiliary credit activity (definitions of these conditions , see below, point 15). The Law regulates the provision of credit and the leasing of property throughout the Uk to “individuals” (including individuals, associations without legal personalities and partnerships of any size) where the credit or rent payments do not exceed a certain limit (currently US$25,000). The 2006 Act and regulations require creditors for the first time to provide annual accounts to borrowers under firm credit contracts. In addition, notifications of arrears and losses (not to be confused with standard messages to which we are already familiar) are required for firm and ongoing account credit contracts. And there are many, many more. 17. Section 2 removes the financial limit for the regulation of consumer credit and consumer lease contracts under the 1974 Act. The 1974 Act currently applies only to agreements in which credits granted or rents payable do not exceed $25,000.
In the future, all consumer credit and consumer lease contracts will be governed by the 1974 Act, unless they are expressly exempt from the amount of the credit or the amount of rent. Article 2, paragraph 3, extends the application of the provisions governing credit announcements to announcements offering credits, regardless of the amount and whether the creditor needs collateral. (b) In the case of credit contracts entered into before 1 October 2008 which do not contain all the information mentioned above (the italic article may be omitted until 30 September 2018), a declaration informing customers of this fact and the right to receive the missing information within 15 days if they request it.