LegalizeThe Consumer Credit Act 1974 (Commencement No. 7) Order 1981
Made: 25th February 1981
The Secretary of State, in exercise of powers conferred on him by section 192(4) of the Consumer Credit Act 1974 and of all other powers enabling him in that behalf, hereby makes the following Order:—
Citation
1
This Order may be cited as the Consumer Credit Act 1974 (Commencement No. 7) Order 1981.
Appointed day
2
The repeals specified in Schedule 5 to the Consumer Credit Act 1974 which are set out in the Schedule to this Order shall come into operation on 30th March 1981 in relation to consumer credit agreements made on or after that day.
SCHEDULE — REPEALS SPECIFIED IN SCHEDULE 5 TO THE CONSUMER CREDIT ACT 1974
| Chapter | Short Title | Extent of Repeal |
|---|---|---|
| 1927 c. 21. | Moneylenders Act 1927. | In section 14(1)(a), the words “, and the rate of interest charged shall not exceed the rate of twenty per cent. per annum”. |
| 1933 c. 23 (N.I.) . | Moneylenders Act (Northern Ireland) 1933. |
Signed
Sally Oppenheim — Minister of State — Department of Trade — 25th February 1981
Explanatory note
EXPLANATORY NOTE
This Order appoints (see Article 2 ) 30th March 1981 as the day on which repeals specified in Schedule 5 to the Consumers Credit Act 1974 of the provisions in section 14 of the Moneylenders Act 1927 and the Moneylenders Act (Northern Ireland) 1933 as to the maximum rate of interest charged on pawnbrokers' loans by moneylenders come into operation in relation to consumer credit agreements made on or after that day. Such loans will remain subject to the provisions of section 137 of the Consumer Credit Act 1974 governing extortionate credit bargains. The Consumer Credit Act 1974 (Commencement No. 5) Order 1979 (S.I. 1979/1685) appointed 27th January 1980 as the day for certain repeals, including repeals of the provisions in question, to come into operation in relation to agreements which are not consumer credit agreements.
Moneylenders who comply with the special provisions as to pawnbrokers' loans in section 14 of the Moneylenders Act 1927 or the Moneylenders Act (Northern Ireland) 1933 do not have to comply with the provisions of sections 6 (form of contracts), 12 (prohibition of charge for expenses on loans by moneylenders) and 13 (limitation of time for proceedings in respect of money lent by moneylenders) of those Acts.
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