Formation of The Act
The Act was first introduced to Parliament as the Consumer Credit Bill at the beginning of November 1973, and initially ran to 96 pages. It was given its second reading on 14 November, and was welcomed by both the government and opposition.By February 1974 it had passed through the Committee Stage, but its progress was cut short by a general election in the same month. Thanks to the support of the opposition to the original bill this did not make a significant impact, and the new administration immediately reintroduced the bill in the House of Lords. It was passed on 31 July 1974, and immediately received the Royal Assent. The final version of the act contained 193 sections and 5 schedules, much larger than the original 96 pages.
Read more about this topic: Consumer Credit Act 1974
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