1983 No. 1878
The Consumer Credit (Increase of Monetary Limits) Order 1983
Laid before Parliament in draft
Made
Coming into Operation
Articles 1, 2 and 3
Article 4
Whereas a draft of this Order has been laid before Parliament and approved by each House of Parliament pursuant to section 181(2) of the Consumer Credit Act 1974 (hereinafter referred to as “the Act”):
Now, therefore, the Secretary of State, in exercise of the powers conferred on him by section 181 of the Act and of all other powers enabling him in that behalf, hereby makes the following Order:
1
This Order may be cited as the Consumer Credit (Increase of Monetary Limits) Order 1983.
2
Articles 1, 2 and 3 of this Order shall come into operation on 1st January 1984 and Article 4 on 20th May 1985.
3
The provisions set out in Column 1 of Part I of the Schedule to this Order (shortly described in Column 2) are hereby amended by substituting for the sums specified in Column 3 in relation to those provisions the sums specified in Column 4.
4
The provisions set out in Column 1 of Part II of the Schedule to this Order (shortly described in Column 2) are hereby amended by substituting for the sums specified in Column 3 in relation to those provisions the sums specified in Column 4.
SCHEDULEINCREASES OF MONETARY LIMITS IN CONSUMER CREDIT ACT 1974
PART IINCREASES COMING INTO OPERATION ON 1ST JANUARY 1984
Section of the Act | Short Description | Present Limit | New Limit |
---|---|---|---|
(1) | (2) | (3) | (4) |
17(1)(a) and (b) | Upper limit for small agreement | £30 | £50 |
75(3)(b) | Lower exemption limit for cash price of goods or services to which liability of creditor for breaches by supplier applies | £30 | £100 |
PART IIINCREASES COMING INTO OPERATION ON 20TH MAY 1985
Section of the Act | Short Description | Present Limit | New Limit |
---|---|---|---|
(1) | (2) | (3) | (4) |
8(2) | Upper limit for regulated consumer credit agreement | £5,000 | £15,000 |
15(1)(c) | Upper limit for regulated consumer hire agreement | £5,000 | £15,000 |
43(3)(a) | Exemption limit for certain credit advertisements | £5,000 | £15,000 |
75(3)(b) | Upper exemption limit for cash price of goods or services to which liability of creditor for breaches by supplier applies | £10,000 | £30,000 |