Source: http://www.legislation.gov.uk/ukpga/2006/14/section/3/prospective?timeline=true
Timestamp: 2013-05-24 04:48:23
Document Index: 13957942

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 2']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsHomeAbout UsBrowse LegislationNew LegislationChanges to LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchConsumer Credit Act 2006You are here:2006 c. 14Agreements regulated under the 1974 Act etc.Section 3Table of ContentsContentExplanatory NotesMore ResourcesPrevious: ProvisionNext: ProvisionPlain ViewPrint Options
Status:Point in time view latest with prospective.This version of this provision is prospective.StatusThe term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either: where the provision (Part, Chapter or section) has never come into force or; where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force. Note: Point in time prospective is the latest available view of the legislation that includes by default all the prospective changes that might come into force.Changes over time for: Section 3Alternative versions:Prospective - AmendmentLatest with prospectivePoint in timeChanges to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Consumer Credit Act 2006. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationChanges and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.Commencement Orders yet to be applied to the Consumer Credit Act 2006:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing provisions within this Act into force:S.I. 2006/1508 art. 3 Sch. 1 2 commences (2006 c. 14)S.I. 2007/123 art. 3 commences (2006 c. 14)S.I. 2007/3300 art. 3 commences (2006 c. 14)S.I. 2008/831 art. 3 commences (2006 c. 14)S.I. 2008/2444 art. 2 amendment to earlier commencing SI 2008/831Commencement Orders bringing legislation that affects this Act into force:S.I. 2007/387 art. 2 amendment to earlier commencing SI 2007/1233Exemption relating to high net worth debtors and hirersE+W+S+N.I.This section has no associated Explanatory NotesAfter section 16 of the 1974 Act insert—
“16AExemption relating to high net worth debtors and hirers(1)The Secretary of State may by order provide that this Act shall not regulate a consumer credit agreement or a consumer hire agreement where—
(a)the debtor or hirer is a natural person;
(b)the agreement includes a declaration made by him to the effect that he agrees to forgo the protection and remedies that would be available to him under this Act if the agreement were a regulated agreement;
(c)a statement of high net worth has been made in relation to him; and
(d)that statement is current in relation to the agreement and a copy of it was provided to the creditor or owner before the agreement was made.
(2)For the purposes of this section a statement of high net worth is a statement to the effect that, in the opinion of the person making it, the natural person in relation to whom it is made—
(a)received during the previous financial year income of a specified description totalling an amount of not less than the specified amount; or
(b)had throughout that year net assets of a specified description with a total value of not less than the specified value.
(3)Such a statement—
(a)may not be made by the person in relation to whom it is made;
(b)must be made by a person of a specified description; and
(c)is current in relation to an agreement if it was made during the period of one year ending with the day on which the agreement is made.
(4)An order under this section may make provision about—
(a)how amounts of income and values of net assets are to be determined for the purposes of subsection (2)(a) and (b);
(b)the form, content and signing of—
(i)statements of high net worth;
(ii)declarations for the purposes of subsection (1)(b).
(5)Where an agreement has two or more debtors or hirers, for the purposes of paragraph (c) of subsection (1) a separate statement of high net worth must have been made in relation to each of them; and paragraph (d) of that subsection shall have effect accordingly.
‘previous financial year’ means, in relation to a statement of high net worth, the financial year immediately preceding the financial year during which the statement is made;
‘specified’ means specified in an order under this section.
(7)In subsection (6) ‘financial year’ means a period of one year ending with 31st March.
(8)Nothing in this section affects the application of sections 140A to 140C.”