Consumer Credit (Regulation and Advice) Bill 2011

[Legal Beagles]

Consumer Credit (Regulation and Advice) Bill: Bill 103 2010-11 (as introduced)

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[Amethyst]

Re: Publication: Bill 103 2010-11 (as introduced)

A Bill To

impose certain limits on consumer credit interest rates and charges; to

establish a levy on credit and debit card providers to fund the provision of

debt advice services; to give powers to local authorities to restrict the

provision of premises for licensed consumer credit agencies within a local

area; to make provision regarding the availability of certain financial services

products at branches of the Post Office; to make other measures relating to the

regulation of, and availability of advice on, consumer credit; and for

connected purposes.



Original 10 min rule intro to bill - House of Commons Hansard Debates for 03 Nov 2010 (pt 0002)

[Amethyst]

Re: Publication: Bill 103 2010-11 (as introduced)

Few bits of this bill worthy of mention.

(3)

The Debt Commissioner must administer funding for the provision of debt

advice.

8

Funding for the Debt Commissioner and money advice services

(1)

Section 6A of the Consumer Credit Act 1974 is amended as follows.

(2)

In subsection (1), after “Act” insert “plus an additional contribution to cover the

operational costs of the Debt Commissioner and to support the funding of debt
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advice services.”

(3)

After subsection (4) insert—

“(5)

The OFT shall be responsible for paying the additional contribution

referred to in section (1) to the Debt Commissioner in accordance with

the content of a Memorandum of Understanding to be drawn up
20
between the two parties within 3 months of this Act or any Part of this

Act coming into force.”

10

Availability of credit union services through the Post Office network

(1)

The Secretary of State must by regulations made by statutory instrument

amend the Postal Services Act 2000 to make provision for the availability of
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credit union services through the Post Office network.

Bit more about credit unions through post offices http://www.abcul.org/media-and-research/news/view/85 (scotland)

[Amethyst]

Re: Publication: Bill 103 2010-11 (as introduced)

Some interesting reading Consumer Credit and Debt Management: 3 Feb 2011: House of Commons debates (TheyWorkForYou.com)
Consumer Credit and Debt Management

Backbench Business — [18th Allotted Day]

House of Commons debates, 3 February 2011, 12:45 pm





I quite liked this part from the excellent Stella Creasey...

The aptly named Mr Crook, who is the chief executive of Provident Financial, the largest home credit company, says that he expects a growth in his target market as a direct result of the comprehensive spending review. Who does he mean by that? He means those with poor credit histories and those with no credit histories.