Credit Contracts and Consumer Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 45 — Fees or charges passed on by creditor
45 Fees or charges passed on by creditor (1) A fee or charge payable by a debtor for an amount payable or to reimburse an amount paid by the creditor to another person, body, or agency must not…
Section 46 — Crediting of payments
46 Crediting of payments (1) A creditor must credit each payment made under a consumer credit contract to the debtor's account as soon as practicable after receipt of the payment. (2) In this…
Section 47 — Dating and adjustments of debits and credits in accounts
47 Dating and adjustments of debits and credits in accounts (1) A debit or credit made by a creditor to a debtor's account is taken to have been made, and has effect, on the date assigned to the…
Section 48 — Recovery of payments
48 Recovery of payments (1) If a debtor makes any payment to a creditor that, by virtue of this Act, the creditor is not entitled to receive, the creditor must refund or credit the payment to the…
Section 49 — Part prepayments
49 Part prepayments (1) A creditor must accept any part prepayment under a consumer credit contract from a debtor unless the contract expressly permits the creditor to decline to accept the part…
Section 50 — Debtor's right to full prepayment
50 Debtor's right to full prepayment (1) A creditor must accept any full prepayment of a consumer credit contract from a debtor at any time. (2) The full prepayment must be credited in accordance…
Section 51 — Amount required for full prepayment
51 Amount required for full prepayment (1) The amount required for the full prepayment of the consumer credit contract must be no more than the sum of the following less the amount referred to in…
Section 52 — Rebate of insurance
52 Rebate of insurance (1) The amount to be deducted under section 51 is an amount equal to a proportionate rebate of the premium paid under any consumer credit insurance contract financed under the…
Section 53 — Termination of consumer credit insurance contract
53 Termination of consumer credit insurance contract A consumer credit insurance contract financed under a consumer credit contract is terminated on the full prepayment of the consumer credit…
Section 54 — Creditor's loss arising from full prepayment
54 Creditor's loss arising from full prepayment (1) A creditor must calculate a reasonable estimate of its loss arising from a full prepayment using— (a) a procedure prescribed for the purposes of…
Section 55 — Changes on grounds of unforeseen hardship
55 Changes on grounds of unforeseen hardship (1) A debtor who is unable reasonably, because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, to meet the…
Section 56 — Changes that can be made
56 Changes that can be made (1) An application by a debtor under section 55 must seek to change the terms of the consumer credit contract in 1 of the following ways: (a) extending the term of the…
Section 57 — Application may not be made in certain circumstances
57 Application may not be made in certain circumstances (1) A debtor may not make an application under section 55 if— (a) the debtor has defaulted in a payment; or (b) the debtor has caused a credit…
Section 58 — Changes by Court
58 Changes by Court (1) If the creditor does not agree to change the consumer credit contract in accordance with the application, the debtor may apply to the Court to change the terms of the…
Section 59 — Creditor may apply for variation of change
59 Creditor may apply for variation of change (1) A creditor under a consumer credit contract that has been changed by an order under section 58 may apply to the Court for an order varying or…
Section 60 — Consumer leases
60 Consumer leases (1) For the purposes of this Act, a lease is a consumer lease if— (a) the lessee is a natural person; and (b) the lessee enters into the lease primarily for personal, domestic, or…
Section 61 — Presumption relating to consumer lease
61 Presumption relating to consumer lease (1) In any proceedings in which a party claims that a lease is a consumer lease, it is presumed that the lease is a consumer lease unless the contrary is…
Section 62 — Declaration concerning consumer lease
62 Declaration concerning consumer lease (1) A lease is not a consumer lease if the lessee makes a declaration before entering into the lease that the goods are hired primarily for business purposes.…
Section 63 — Application of disclosure provisions
63 Application of disclosure provisions Sections 32 to 35 apply to disclosure under this subpart.
Section 64 — Initial disclosure of consumer lease
64 Initial disclosure of consumer lease (1) Every lessor under a consumer lease must ensure that disclosure of as much of the information set out in Schedule 2 as is applicable to the lease is made…
Section 65 — Variation disclosure of consumer leases
65 Variation disclosure of consumer leases (1) Every lessor under a consumer lease must ensure that disclosure of the full particulars of a change to the lease is made to every lessee under the lease…
Section 66 — Variation disclosure not required
66 Variation disclosure not required Section 65 does not apply to a change that reduces the lessee's obligations under the consumer lease.
Section 67 — Request disclosure for consumer leases
67 Request disclosure for consumer leases (1) Every lessee under a consumer lease may request in writing that disclosure of any or all of the matters referred to in subsection (2) be made to the…
Section 68 — Amount payable on termination
68 Amount payable on termination The amount payable by a lessee on the termination of a consumer lease before the end of its term is the lesser of— (a) an amount payable under the lease that does not…
Section 69 — Restrictions on credit-related insurance, repayment waivers, and extended warranties
69 Restrictions on credit-related insurance, repayment waivers, and extended warranties (1) A creditor or a lessor must not, in connection with a consumer credit contract or consumer lease, make any…
Section 70 — Disclosure of credit-related insurance, repayment waiver, or extended warranty
70 Disclosure of credit-related insurance, repayment waiver, or extended warranty (1) If a consumer credit contract or consumer lease involves credit-related insurance and that insurance was arranged…
Section 71 — Application of disclosure provisions
71 Application of disclosure provisions Sections 32 to 35 apply to disclosure under this subpart.
Section 72 — Initial disclosure of buy-back transaction
72 Initial disclosure of buy-back transaction (1) Every transferee under a buy-back transaction must ensure that disclosure of as much of the information set out in Schedule 3 as is applicable to the…
Section 73 — Independent legal advice must be given to occupier
73 Independent legal advice must be given to occupier (1) Every transferee under a buy-back transaction must ensure that every occupier under the transaction has received independent legal advice…
Section 74 — Buy-back transactions involving buy-back promoter
74 Buy-back transactions involving buy-back promoter (1) This section applies if— (a) a buy-back promoter introduced the transferee and the occupier to each other; and (b) none of the following…
Section 75 — Land cannot be dealt with without leave of Court if initial disclosure not made or no independent legal advice given
75 Land cannot be dealt with without leave of Court if initial disclosure not made or no independent legal advice given (1) This section applies if the transferee knows, or has reason to believe,…
Section 76 — Interest of occupier is caveatable interest
76 Interest of occupier is caveatable interest (1) The occupier under a buy-back transaction is to be treated as being entitled to, or to be beneficially interested in, the land for the purposes of…
Section 77 — Variation disclosure of buy-back transactions
77 Variation disclosure of buy-back transactions (1) Every transferee under a buy-back transaction must ensure that disclosure of the full particulars of a change to the transaction is made to every…
Section 78 — Variation disclosure not required
78 Variation disclosure not required Section 77 does not apply to a change that reduces the occupier's obligations under the buy-back transaction.
Section 79 — Request disclosure for buy-back transactions
79 Request disclosure for buy-back transactions (1) Every occupier under a buy-back transaction may request in writing that disclosure of any or all of the matters referred to in subsection (2) be…
Section 80 — Unreasonable buy-back fees or buy-back default fees
80 Unreasonable buy-back fees or buy-back default fees (1) A buy-back transaction must not provide for a buy-back fee or a buy-back default fee that is unreasonable. (2) If the Court is satisfied, on…
Section 81 — Fees or charges passed on by transferee
81 Fees or charges passed on by transferee (1) A fee or charge payable by an occupier for an amount payable or to reimburse an amount paid by the transferee to another person, body, or agency must…
Section 82 — Unreasonable fees payable to buy-back promoter or associated person
82 Unreasonable fees payable to buy-back promoter or associated person (1) A buy-back promoter and an associated person of the buy-back promoter must not require the payment of an unreasonable fee in…
Section 83 — No limit on Part 2
83 No limit on Part 2 Nothing in this subpart limits any provision in Part 2 .
Section 84 — Compliance programmes
84 Compliance programmes For the purposes of this Part, a creditor or lessor has a compliance programme if the creditor or lessor— (a) requires its employees and agents to follow procedures, or has…
Section 85 — Jurisdiction of High Court
85 Jurisdiction of High Court The High Court may hear and determine the following matters: (a) appeals from any proceedings in a District Court under this Act: (b) applications for injunctions under…
Section 86 — Jurisdiction of District Courts
86 Jurisdiction of District Courts (1) A District Court may hear and determine proceedings for offences against any of the provisions of this Act. (2) A District Court may hear and determine…
Section 87 — Jurisdiction of Disputes Tribunals
87 Jurisdiction of Disputes Tribunals (1) A Disputes Tribunal established under section 4 of the Disputes Tribunals Act 1988 has jurisdiction to hear and determine applications for orders under…
Section 88 — Creditors, lessors, transferees, and buy-back promoters liable for statutory damages
88 Creditors, lessors, transferees, and buy-back promoters liable for statutory damages (1) The debtor under a consumer credit contract is entitled to recover from the creditor under the contract the…
Section 89 — Amount of statutory damages
89 Amount of statutory damages (1) The amount of the statutory damages is,— (a) in the case of a breach of section 18 , an amount equal to the interest charges and credit fees payable under the…
Section 90 — Enforcement of statutory damages
90 Enforcement of statutory damages (1) The Court may, on the application of the Commission or any party to a consumer credit contract, guarantee, consumer lease, or buy-back transaction, make an…
Section 91 — Court may reduce statutory damages
91 Court may reduce statutory damages (1) The Court may, on the application of a creditor under a class of consumer credit contract, a lessor under a class of consumer lease, or a transferee or…
Section 92 — Guidelines for reducing statutory damages
92 Guidelines for reducing statutory damages In deciding whether to make an order under section 91 and the terms and conditions applying to an order under that section, the Court must have regard to…
Section 93 — Court's general power to make orders
93 Court's general power to make orders The Court may make all or any of the orders referred to in section 94 if the Court finds that a person (whether or not that person is a party to any…
Section 94 — Court orders
94 Court orders (1) The types of orders that the Court may make against the person who engaged in the conduct referred to in section 93 are as follows: (a) an order directing the person to refund or…