In particular, the law controls how merchants and businesses look for business. Previously, some aspects had been controlled – advertising by lenders had been strictly regulated since the Moneylenders Act of 1927 – but other aspects of consumer credit were completely unregulated. While this was acceptable to large, prestigious institutions, the development of less serious business organizations required some kind of regulation, and the Consumer Credit Act was the first to subject such controls to consumer credit agencies. It covers three main areas: advertising, advertising and citations and presentation of information. No regulations have yet been adopted regarding the offers or display of information. [33] Part V of the Act deals with four elements of the conclusion of a credit or lease agreement; pre-contract advertising, formalities of concluding a regulated agreement, terminating a regulated agreement and the consequences of it, and cancelling a prospective regulated contract and its consequences. In some cases, specific information must be disclosed before a contract is signed, with the standard provision that contracts that are not complied with are not applicable without a court decision. [38] There are certain formalities for entering a regulated agreement, which are most often based on the documents to be provided. In accordance with Section 60, the Secretary of State is required to adopt certain provisions that cover the format that contracts are required to adopt. These regulations must ensure that the debtor is informed of the rights and/or obligations conferred on him by the agreement, the amount and rate of the total tax on credits, the protection and remedies available to him, as well as any “other matters that the Secretary of State feels he must entrust to him as part of the agreement.” The law allows the Director General of Fair Trade to waive certain requirements when it appears, when applying a consumer credit transaction, that their application would be unfeasible. [39] Consumer credit in the United Kingdom is governed by the Consumer Credit Act 1974 (amended in 2006), the Financial Services and Markets Act 2000 and various regulations transposing EU consumer credit legislation.

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