- Original Poster
- #1
Hi everyone, I've been trying to work out if the Consumer Credit Act applies to accounts receivable/debtors in the normal course of business.
I understand that it does not apply to companies, partnerhsips of more than 3 individuals or to partnerships where the partners are incorporated but I also saw on the wikipedia entry of the '74 CCA that the credit arrangement must be "capable of subsisting for longer than 3 months" which i assume is designed to exclude AR/debtors that are derived in the normal course of business. Is that correct and has that been superseded by more recent legislation?
Finally - if the CCA does not cover normal AR/debtors, then what Acts do?
Thanks for any help, I searched the forums but I think the search function was a little inadequate, or I entered the wrong search words(likely) - Im sure this would have been covered on here previously.
I understand that it does not apply to companies, partnerhsips of more than 3 individuals or to partnerships where the partners are incorporated but I also saw on the wikipedia entry of the '74 CCA that the credit arrangement must be "capable of subsisting for longer than 3 months" which i assume is designed to exclude AR/debtors that are derived in the normal course of business. Is that correct and has that been superseded by more recent legislation?
Finally - if the CCA does not cover normal AR/debtors, then what Acts do?
Thanks for any help, I searched the forums but I think the search function was a little inadequate, or I entered the wrong search words(likely) - Im sure this would have been covered on here previously.
