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Consumer Credit Act 1974
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Consumer Credit Act 1974
Act of the UK Parliament that regulates the giving of credit by companies. Under the act, any company wishing to offer credit to consumers has to obtain a licence. The annual percentage rate (APR) on a loan has to be stated on any advertisement for credit or on contracts. Consumers signing a credit contract at home have the right to change their mind within 12 days.
In the USA, the Uniform Consumer Credit Code applies to credit sales and consumer loans. Licensed lenders may charge 3% a month. Another 17% can be added annually if monthly payments are used.
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