Part IV of the Act also applies to ancillary credit transactions in advertising, advertising and offers, as well as to business research. The law also limited the brokerage fees that credit brokers can collect. According to Section 155, if the brokerage does not lead the client to enter into an agreement with a creditor within 6 months of the work, the full fee (deducted from the sum of 1 euro) is refunded to the client. The Director General indicated at the time that companies that did not comply with Section 155 would be denied a licence. These provisions came into effect on April 1, 1977. [67] (8) For the purposes of this chapter, it is appropriate to calculate that a person by whom goods are leased on collateral or (in Scotland) to a relevant person or borrower under a lease-sale provides that person or person, with a fixed value credit, with a credit equal to the total price of the goods. , reduced by the amount of the down payment (if it exists) and the total amount of the credits. (b) agreements that are conditional sales or lease-to-sale contracts; (8) In this article, “payment” refers to a payment that includes an amount for credits with or without any other amount. The response to the consumer and business organizations` report was largely positive, but the government did nothing at first because the Department of Commerce and Industry wanted time to develop the details of all the laws. His hand was finally forced by Baroness Phillips a year later, who launched a debate in the House of Lords on the matter. The government`s official statement was that it was prepared to accept almost all the recommendations on consumer credit, which it did not want to legislate on credit and securities. [8] In February 1973, they developed a voluntary code that they were waiting for loans. The code contains guidelines for lending to individuals and publishing borrowing costs.

Part III of the Act applies directly to auxiliary credit companies that must obtain a licence. As with standard credit contracts, agreements from a sub-trader not granted to the other party are enforceable only if the Director General of Fair Trade gives a valid order to the agreement. Under Section 149, creditors have an obligation to ensure that the credit brokers they do business are properly licensed. Again, the agreement between the debtor and the creditor is only applicable if the Director General adopts a decision on the matter. These provisions came into effect on July 1, 1978. [66] b) indicate which positions should be used to determine the total credit load and the value of those positions; If you want to repay a loan in advance or in full, you must write to your lender asking how much you must pay to pay the debts or specify how much you want to pay. The Crowther Commission recommended that search at the front door be banned entirely for loans. The original provisions of the Act were indeed extremely strict and caused potential problems for other companies, but they have been significantly modified and now have only an impact on the advertising they were supposed to prevent. Canvassing is defined as a situation in which a person (the Canvasser) requests the registration of another person (of the consumer) in an agreement based on his oral representations during a visit to the Canvasser in “any place” for the purpose of such representations.