Late Payment of Commercial Debts (Interest) Act 1998: Key legislation governing statutory interest rates for late payments, compensation for late payments, and default payment terms in commercial transactions
The Late Payment of Commercial Debts Regulations 2013: Regulations specifying maximum payment terms, verification procedures, and methods for calculating interest on late commercial payments
UK Companies Act 2006: Primary legislation covering corporate authority, execution requirements, disclosure obligations, and directors' duties regarding payment arrangements
Supply of Goods and Services Act 1982: Legislation establishing implied terms regarding payment, quality of service provisions, and reasonable time for payment in commercial contracts
Consumer Credit Act 1974: Legislation governing credit terms and consumer protection provisions, applicable when dealing with consumer transactions
UK Money Laundering Regulations 2017: Regulations specifying payment verification requirements and due diligence obligations for preventing financial crime
GDPR and Data Protection Act 2018: Legislation governing the processing of payment information and data protection requirements in payment transactions
Financial Services and Markets Act 2000: Regulatory framework for financial services, including requirements for certain payment services and financial regulations
Electronic Commerce (EC Directive) Regulations 2002: Regulations governing electronic payment provisions and online transaction requirements
The Payment Services Regulations 2017: Regulations specifying payment service provider obligations and transaction processing requirements
