Timetable
The calendar below provides the implementation timetable of the Act.
| Date | Date provision came into force (relevant section of CCA06 given in brackets) |
June 2006 | Disapplication of section 101 of the 1974 Act (section 63) - smoothes process in relation to disapplying right to terminate hire agreements, when in hirer’s interest |
" | Miscellaneous/technical provisions (sections 65-69) |
" | Enabling powers for Statutory Instruments (SIs) to be made later on, and other ‘supporting’ provisions |
1 October 2006 (CCD) | Extension of period for consumers to respond to default notices, from 7 to 14 days (section 14(1)) |
6 April 2007 (CCD) | Change to definition of an individual (section 1) – excludes from regulation new lending to partnerships of more than 3 people |
" | Abolition of automatic enforceability (section 15) – gives Courts discretion over whether a credit agreement is enforceable (i.e. this is no longer automatic) |
" | Unfair relationships (sections 19-22) for new agreements - replaces existing ‘extortionate credit’ test with a new, broader test based on the principle of unfairness. (Note: there will be a one-year transitional period (i.e. until 6 April 2008) before the unfair relationships test applies to existing agreements) |
" | Establishment of alternative dispute resolution scheme for consumer credit disputes, to be provided by the Financial Ombudsman Service (FOS) (sections 59-61, Schedule 2) – adds a new Consumer Credit Jurisdiction to FOS existing mandate |
6 April 2008 (CCD) | Removal of financial limit (section 2) – brings all new consumer credit agreements, regardless of value, into regulation |
" | ‘High net worth’ and business exemptions (sections 3-4) – enables very wealthy individuals to opt out of regulation, and exempts lending for business purposes over £25,000 |
" | Reform of consumer credit licensing regime and enhancement of Office of Fair Trading powers (sections 23, 26-54, 62, 64) |
" | Establishment of Consumer Credit Appeals Tribunal (sections 55-58, Schedule 1) – replaces the existing system of appeals to the Secretary of State |
1 October 2008 (CCD) | Post-contract transparency requirements (sections 6-14, 16-18) – require lenders to provide consumers with regular information about the state of their credit accounts e.g. statements about fixed-sum credit agreements, notices of arrears and notices of default sums incurred. (Note: Includes section 13, requiring interest charged on default sums to be simple, not compound interest) |
| " | New licensing categories of business –CCA regulation extends to debt administration and credit information services (sections 24-25) |
| Time orders (sections 16) - allows consumers to seek a time order through the courts after receiving a notice of sum in arrears (having first given lender 14 days’ notice of intention to seek time order) |