Prescribed and non-prescribed terms on consumer credit agreements
A credit agreement is not properly executed unless it contains all the prescribed terms and conforms to regulations made under section 60(1) of the Consumer Credit Act 1974 (CCA 1974) and is signed in the prescribed manner.
1s61 CCA 1974 The consequence of a failure or omission to state fully and correctly any of the prescribed terms is to render the agreement improperly executed and, therefore, unenforceable except by order of the court.
’Prescribed terms’ and ’non-prescribed terms’ must be included in a regulated agreement for it to be properly executed.