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Are Fake Security Cameras Effective?
Are fake security cameras effective? The answer is a resounding "Yes."
Fake security cameras have helped to prevent many crimes. Mounted in high profile, totally visible locations, these cameras are not hooked up to anything, they mostly...
Corruption and Transparency - Part II
II. What to Do? What is Being Done? Two years ago, I proposed a taxonomy of corruption, venality, and graft. I suggested this cumulative definition: The withholding of a service, information, or goods that, by law, and by right, should have been...
Fighting Identity Theft
Chances are good that you know someone who has been victimized by the fastest growing crime - identity theft. The Federal Trade Commission (FTC) reported that there were 10 million cases of identity theft in 2002 alone. It’s estimated that someone’s...
How To Become A Savvy Real Estate Investor
If you’ve turned on the television lately, at some point you'll hear the experts praising the virtues of diversification. Real estate has long been considered a conservative, long-term strategy to growing wealth. While some seasoned real estate...
Renting Houses and Renting Flats in Liverpool - The Guide.
A snapshot of Liverpool
The Liverpool City Council area has a population of 439,476 with
26.39% of the population aged between 0-19 years. Liverpool is
situated in the North West of England and has different regions
including The Wirral,...
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Introduction to Consumer Credit
Consumer credit refers to credit in some form given to the
consumers. It is a way of financing a client on condition of a
deferred payment, at a later date or within a particular period
of time.
The businesses that provide consumer credit facilities need to
comply with some regulations as lay down by the laws of the
state. It is equally applicable to specialist credit businesses
like credit card providers and money lenders to mail-order
businesses or shops that permit the customers to buy on credit
or lease out or hires goods. That is, the enterprises that give
consumer credit facilities have to have a valid consumer credit
license from the Office of Fair Trading (OFT). It is a mark of
assurance to the customer that the business firm certified by
OFT is fit for serve the customers.
Let us see which all businesses require a consumer credit
license as a mandatory requirement by the law. The businesses
that sells on credit, leases out or hires goods for over a
period of 3 months, lends dollars, involved in credit card
selling, arranges credit for others, provides hire/purchase
commodities, collects debts, and give advise on others credit
standing come under the purview of a consumer credit license.
But those lends amounts or hire goods for a cost more than a
fixed amount, those deal only with limited companies and those
allow the clients to pay back the amount in four or lesser
installments are exempted from the consumer credit license.
Ideally one should check the guidelines from the OFT website to
find out clearly which all businesses need a consumer credit
license. Remember, to trade without a consumer credit license
when you are required to earn one is a crime that invites fine
or prison term or both.
Consumer credit license is valid for a fixed time period (5
years or so) and is required by the business to renew it after
its expiry. However, the OFT can revoke, suspend or change the
license at any point of time. The decision to do so is at the
exclusive discretion of the authority. All the consumer credit
license holders will be listed in the Consumer Credit Register,
which is given free of cost for the public.
If the business consists of many companies, each trading in any
of the categories, then each of the firms requires a separate
license. Also, the OFT has laid down rules regarding advertising
credit and credit agreements. All these details are furnished in
the OFT website.
The government and the regulatory body assume that it is the
duty of the business to keep themselves informed about the rules
and regulations that govern their enterprises. Any breach of
conduct can result in hefty fines and prison terms. It is all
about being law-obedient and straight.
About the author:
Jakob Jelling is the founder of http://www.cashbazar.com. Visit
his website for the latest on personal finance, debt
elimination, budgeting, credit cards and real estate.
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