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Consumer credit (1)

In the first of two articles, Richard Lawson examines EC proposals on consumer credit and their effect on the Consumer Credit Act 1974

6 December 2002

The European Commission has produced a set of proposals designed to update consumer credit law throughout the European Union. The existing EU-wide rules date from 1987, have not kept pace with developments in this sector and only set minimum standards. They have also largely been overtaken by national regulation. The EC felt that the absence of common rules regulating cross-border transactions led to differences in consumer protection in member states. Scope of the proposals The intended Directive will not cover mortgages, nor will it cover hiring agreements where title in the particular goods cannot be passed to the hirer. Mortgage finance is potentially within the Consumer Credit Act 1974 (CCA), but provision has been made in s 16 for mortgages provided by banks and building societies not to be regulated by the Act. Hiring agreements, where title cannot pass, are, however, within the Act, so long as the rental payable does not exceed the current maximum of £25...

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