licensing of business

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The licensing of financial businesses by a local authority under the Consumer Credit Act 1974. The seven types of financial business required to be licensed are: consumer credit; consumer hire; credit brokerage; debt counselling; debt adjusting; debt collecting; and credit reference agency. It is an either way criminal offence punishable on indictment with up to two years' imprisonment and a fine to operate such a business without a licence.

Subjects: Law.

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