An ancillary credit business is defined in Section 145 of the Act as any business that works in credit brokerage, debt adjusting, debt collecting, debt counselling or as a credit reference agency.
Credit brokers are people involved in negotiating deals between potential debtors looking for credit and creditors, normally in exchange for a commission. Under the Act, "credit broker" includes not only mortgage brokers and loan brokers but also car dealers, shops that introduce customers to financial houses for hire-purchase agreements and solicitors who negotiate advances for non-corporate clients. An exception to this is if introductions and negotiations are not made in the individual's capacity as an employee of a business.
Debt adjusting is when a company or individual negotiates with the creditor or owner in an agreement on behalf of the debtor to change the terms for the discharge of the debt, takes over the debt in exchange for payment by the debtor or engages in "any similar activity concerned with the liquidation of a debt".Pieheads This is again a wide area; the base definition covers, for example, solicitors and accountants who act as negotiators for clients who owe money to a third party. There are certain exceptions; a solicitor negotiating for the settlement of his client's debts is not considered to be working as a debt adjuster thanks to Section 146 of the Act, which excludes "a solicitor engaging in contentious business" as defined in the Solicitors Act 1957.
Debt counselling is the giving of advice to debtors or hirers about the liquidation of debts under consumer credit or consumer hire agreements. This covers any debt counsellor, regardless of if it is free legal advice; as a result the Citizens Advice Bureau, for example, is considered a debt counsellor, although its advisers are covered by a group license. Debt collectors are covered by similar provisions, and are defined as anybody who takes steps to "procure payment of debts due" under consumer credit agreements and consumer hire agreements. Those who "purchase" debts and attempt to collect on them are covered by this definition.
Exceptions for these definitions are provided under Section 146 if the credit broker, debt adjuster, debt counsellor or debt collector is the creditor or owner under the credit agreement, the supplier under the agreement, a credit broker who has acquired the business of the supplier or somebody expressly excluded from certain definitions, such as a solicitor. The provisions for suppliers only come into effect when the credit is a loan, so that the supplier and creditor are different people. The exceptions do not include people who "buy" the roles above by purchasing the debts, such as professional debt buyers or financial houses.
Credit reference agencies are covered separately from other ancillary credit businesses, and are defined in Section 148 as individuals or companies which carry on a business "comprising the furnishing of persons with information relevant to the financial standard of individuals, being information collected by the agency for that purpose". This definition was the subject of much academic debate, because the holding of the license for a credit reference agency involves a duty to supply information on credit status which the company might prefer to keep confidential. There are exceptions; the information must be collected for the purpose of giving it to others, so the fact that a bank, for example, has that information, does not mean they need to obtain a license as a credit reference agency.
Other articles related to "definitions, definition":
... Some definitions of language, such as early versions of Charles Hockett's "design features" definition, emphasize the spoken nature of language ... Mathematics would not qualify as a language under these definitions, as it is primarily a written form of communication (to see why, try reading Maxwell's equations out loud) ... However, these definitions would also disqualify sign languages, which are now recognized as languages in their own right, independent of spoken language ...
... Although topographic maps of the Chile and Argentina border region which contains the highest peaks are of notoriously poor accuracy, with elevation errors exceeding 100 metres (330 ft) in many cases, the current consensus based on the most recent measurements places Ojos del Salado as the 2nd highest peak and highest volcano in South America, significantly higher than Monte Pissis. ...
... A theoretical (or conceptual) definition gives the meaning of a word in terms of the theories of a specific discipline ... This type of definition assumes both knowledge and acceptance of the theories that it depends on ... An example of a theoretical definition is that of "Heat" in physics, which actually puts forth an entire theory of heat (involving accelerating molecules, etc.) ...
... precise terminology that cannot be confused with other words or definitions ... He gave emphasis on avoidance of words that have many definitions and compared the language of Scientology with the language of Math and other precise ... Scientology and Dianetics place a heavy emphasis on understanding word definitions ...
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