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Homegrown Terrorists Spook the Stock Market
The negative, and at times scary news seems to be coming hitting the stock market from all corners of our world. Just as the headlines from the geopolitical realm let up, the glare of terrorism raises its ugly head again. This time with a twist that...
How Does a Creditor Determine Whether to Grant You Credit?
Credit 101
How does a creditor determine whether to grant you credit? For many years, creditors have been using credit scores and credit scoring systems to determine if you'd be a good risk for a loan or credit card. More recently, credit scores...
How Does Spellchecker make you Lazy?
It’s a crime what laziness can do. That’s the downside of
automation and software tools. People get lazy.
Don’t get me wrong, I love technology and I depend on
Spell-checking software to help with my writing. It finds
the typos but it...
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...
Identity Theft - Your Prevention Guide
With identity theft being one of the most widespread crimes, it's wise to be ahead of the game and know what prevention steps to take. Here is a small list which, if followed, can keep your identity and good credit protected.
Identity...
Minimize your Risk for Identity Theft
Identity theft is the fastest growing crime in America. According to the Federal Trade Commission, the number of identity theft incidents reached 9.9 million in 2003. These crimes are estimated to have taken the average victim $500 and 30 hours...
Offshore investing - Leveraging overseas trading
In today’s climate of a falling dollar and emerging economies all over the world, offshore investing can be an attractive option. Before looking at investing overseas, however, you should understand your financial goals, the potential pitfalls of...
Post-Divorce Alimony in Texas
This article provides a brief overview on Texas law concerning post-divorce alimony. Laws differ from state to state and individual circumstances vary, so you should consult with a qualified family law attorney in your area for specific advice on...
Upcoming HomelandDefenseStocks.com Homeland Security Online Conference Provides Insight into Changes in the Evolving Homeland Security Industry
Upcoming HomelandDefenseStocks.com Homeland Security Online Conference Provides Insight into Changes in the Evolving Homeland Security Industry As Budgets and Resources Shift, What Companies are Poised to Benefit? POINT ROBERTS, Wash.;...
Various Online Scams - You have one defense - Yourself
I am writing this article to join in the war against online
crimes. There are many of them, but all have one thing in common
- to take your money.
Let's see, there is the 419Scam named after the Nigerian law
outlawing it. There is the...
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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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