Consumer Credit Act 1974: Primary legislation regulating credit agreements between individuals. Applies to loans over £140, sets requirements for disclosure and agreement format. Essential for parent-to-child loans.
Financial Services and Markets Act 2000: Establishes regulatory framework for financial services. Relevant if lending becomes a regular activity rather than a one-off parent-child loan.
Consumer Rights Act 2015: Governs fairness and transparency of contract terms. Ensures loan agreement terms are fair and clearly expressed, preventing unfair terms.
Limitation Act 1980: Sets time limits for enforcing loan agreements, typically 6 years for simple contracts. Important for establishing repayment terms and enforcement periods.
FCA Regulations: Financial Conduct Authority regulations that may apply if lending activities fall within regulated activities scope.
Data Protection Act 2018 and UK GDPR: Governs handling of personal data in loan agreements, requiring appropriate privacy notices and data protection clauses.
Consumer Protection from Unfair Trading Regulations 2008: Prohibits unfair commercial practices in consumer transactions, ensuring fair treatment in loan arrangements.
Contract Law Fundamentals: Common law principles including offer, acceptance, consideration, intention to create legal relations, and capacity to contract. Essential for valid loan agreement formation.
