ABSTRACT
The Consumer Credit Act imposes requirements on the form and content of regulated agreements. It also requires that certain information be given to the borrower or hirer in advance of the agreement and that the borrower or hirer be supplied with copies of the agreement. From the lender's point of view, the credit or hire agreement is likely to be an isolated transaction and the lender is unlikely to be aware of any formalities required, nor be in a position readily to comply with them in any event. There is an exemption for a debtor-creditor agreement to overdraw on a current account where no particular purpose for overdraft is proscribed. There is also important exemption for small debtor-creditor-supplier agreements for restricted use credit which applies to shopkeepers that give credit to customers for supply of items. Hire purchase and conditional sale agreements are not included within small agreements and complies whatever the amount of the credit advanced.
