Definitions for "Consumer Credit Act 1974"
This act sets out the rules which lenders must follow when they lend amounts of £15,000 or less to consumers.
The act regulated the sales of secured and unsecured lending under £25,000, excluding loans for property purchases. Regulation covers the administration of a loan through cooling off periods and action allowed to recuperate losses from defaults.
The legislation that regulates the consumer credit market in the UK, including credit cards.