What the official record says
This Act is the Credit Reforms (Responsible Lending) Act . This Act comes into force on the day after the date on which it receives the Royal assent. The purpose of this Act is to enact provisions that will result in lenders engaging in more responsible conduct toward borrowers and to prevent the charging of excessive rates of interest. This Part amends the Credit Contracts and Consumer Finance Act 2003. The heading to section 39 is amended by inserting after . Section 39 is amended by inserting the following subsection after subsection (2): No consumer credit contract may charge a higher maximum annual percentage rate than that prescribed under regulations, if regulations have prescribed a maximum annual percentage rate. Section 118 is amended by inserting after . Section 138(1) is amende