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Financial Services Bill

302: After Clause 27, insert the following new Clause— "Central register of credit card holders (1) The Treasury shall by order establish a central register of credit card holders. (2) The register shall include the names and addresses of all holders of credit cards issued by UK financial institutions. (3) The register shall be such as to enable a UK financial institution considering issuing a credit card to an applicant (A) to determine— (a) whether A holds a credit card already, (b) the credit limit on any card already held by A, and (c) whether A is aged under 21 at the time of the application. (4) The register shall also record details of any special circumstances which make it permissible under subsection (2) of section (Credit cards: conditions of issue to applicants aged under 21) for more than one credit card to be issued to a person aged under 21. (5) No details of individual financial transactions on any credit card shall be recorded in the register."