The Consumer Credit (Termination of Licences) Regulations 1976

• Citation: S.I. 1976/1002
• Sections: 6

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Consumer Credit (Termination of Licences) Regulations 1976 and shall come into operation on 3rd August 1976.

(2) In these Regulations—

“ the Act ” means the Consumer Credit Act 1974;

“ the court ” means in relation to England and Wales the High Court or any county court having jurisdiction in bankruptcy and in relation to Scotland the Court of Session or any sheriff court having jurisdiction in bankruptcy;

“ licence ” means a standard licence and “ licensee ” shall be construed accordingly;

“ period of deferment ” means the period specified in regulation 3;

“ terminating event ” means an event on the occurrence of which a licence is to terminate by section 37(1) of the Act or regulation 2 of these Regulations;

and except where the contrary intention appears, other expressions used in these Regulations have the same respective meanings as in the Act.

(3) The Interpretation Act 1889 shall apply for the interpretation of these Regulations as it applies for the interpretation of an Act of Parliament.

Section 2 Events on the occurrence of which licence is to terminate

In addition to the events specified in section 37(1) of the Act and set out in the Schedule to these Regulations, the other events specified in that Schedule shall be events relating to a licensee on the occurrence of which the licence held by him is to terminate.

Section 3 Deferment of termination of licence

The termination of a licence by section 37(1) of the Act or under regulation 2 of these Regulations shall be deferred for a period of twelve months beginning with the date of the terminating event (“period of deferment”).

Section 4 Extension of licence period in certain cases

(1) In this regulation references to the prescribed period of a licence are references to the period during which the licence covers such activities as are described in it, being the period prescribed for that purpose by regulation 2 of the Consumer Credit (Period of Standard Licence) Regulations 1975 .

(2) Where, in relation to a licence, the period of deferment has effect such that it would expire after the end of the prescribed period of the licence, the said regulation 2 shall apply in relation to the licence as if the period so prescribed were one which began with the date mentioned in that regulation and ended with the expiration of the period of deferment.

Section 5 Persons authorised to carry on the business of a licensee

Where there occurs—

(a) any terminating event; or

(b) any subsequent event which would be a terminating event in relation to the licence if the licence was not already to terminate by virtue of an earlier terminating event;

any person specified in the Schedule in relation to that terminating event or that subsequent event, as the case may be, shall be authorised to carry on the the business of the licensee under the licence during the period of deferment but subject to the conditions prescribed in regulation 6.

Section 6 Conditions of authorisation

A person authorised by regulation 5 to carry on the business of the licensee shall do so subject to the following conditions, that is to say—

(a) that he shall, within a period of two months beginning with the date on which he becomes authorised to carry on the business of the licensee, give notice in writing to the Director of—

(i) his name and the address from which he is or will be carrying on the business of the licensee;

(ii) the name and address of the licensee as specified in the licence;

(iii) the terminating event by virtue of which he is or will be carrying on the business of the licensee and the date of that event; and

(iv) the capacity in which he is or will be carrying on that business; and

(b) that if he fails to comply with (a) above, he shall not be authorised to carry on the business of the licensee after the expiry of the period specified in that paragraph until such time as he has given notice in writing to the Director of all the matters specified therein.