1998 No. 997
The Consumer Credit (Further Increase of Monetary Amounts) Order 1998
31st March 1998
Laid before Parliament
8th April 1998
Coming into force
1st May 1998
The Secretary of State, in exercise of the powers conferred on her by section 181(1) of the Consumer Credit Act 1974(1) and of all other powers enabling her in that behalf, hereby makes the following Order:—
1. This Order may be cited as the Consumer Credit (Further Increase of Monetary Amounts) Order 1998 and shall come into force on 1st May 1998.
2. The Consumer Credit (Increase of Monetary Amounts) Order 1983(2) is hereby revoked.
3. The provisions set out in Column 1 of the Schedule to this Order (shortly described in Column 2) are hereby amended by substituting for the amounts specified in Column 3 in relation to those provisions the amounts specified in Column 4.
Parliamentary Under-Secretary of State for Competition and Consumer Affairs,
Department of Trade and Industry
31st March 1998
SCHEDULEINCREASES OF MONETARY AMOUNTS IN CONSUMER CREDIT ACT 1974
Section of the Act
Upper limit for credit-broker’s fee or commission on cancelled regulated agreement
Fee for information to debtor under regulated fixed-sum credit or running-account credit agreement
Fee for information to hirer under regulated consumer hire agreement
Upper limit of debtor’s liability for loss to creditor following misuse of credit-token
Upper limit of annual hire payments for right of termination of regulated consumer hire agreement
107(1), 108(1), 109(1)
Fee for information to surety under regulated fixed-sum credit, running-account credit or consumer hire agreement
Fee for copy of security instrument
Upper limit for use of unsworn statement in place of lost pawn -receipt
Upper limit of pawned property which passes to pawnee on failure to redeem within redemption period of 6 months
Upper limit for credit-broker’s fee or commission for services not leading to an agreement
Fee to credit reference agency for copy of file on individual
(This note is not part of the Order)
This Order revokes the Consumer Credit (Increase of Monetary Amounts) Order 1983 (“the 1983 Order”). It provides for further increases in certain monetary amounts set out in the Consumer Credit Act 1974 which were first increased by the 1983 Order.
The amounts include those relating to fees for providing information to debtors or hirers and certain upper limits relating to pawnbroking and the termination of consumer hire agreements regulated by the Act.
One monetary amount, that of £50, which is the upper limit of a consumer’s liability following misuse of a credit-token, is not increased.
A Regulatory Appraisal of the costs and benefits that will result from this Order will be available in the libraries of the Houses of Parliament when the Order, having been made, is laid before Parliament and from the Consumer Affairs and Competition Policy Directorate, the Department of Trade and Industry, 1 Victoria Street, London SW1H 0ET.
1974 c. 39.
These amounts were substituted by S.I. 1983/1571 for the amounts originally provided for by the relevant sections of the Consumer Credit Act 1974 set out in Column 1.