Bill · started in the Commons
Lending (Regulation) Bill
A Bill to impose requirements on lenders relating to the calculation of interest rates; to regulate the promotion of lending; and for connected purposes.
In progress
Current stage: 2nd reading (Commons)
The story so farThe Lending (Regulation) Bill was introduced in the House of Commons on 21 January 2009 by Mr Russell Brown (Labour). It is now at second reading in the House of Commons. Second reading is the first debate on the overall principle of the bill; if the bill clears it, detailed committee scrutiny follows.
What the bill does
This Bill would prohibit credit card lenders from sending unsolicited offers of credit card cheques and require them to make clear customers' rights in potential cases of card payment default. It would also require the Secretary of State to specify 'a standard method of calculating interest rates' that card companies must use in their promotional literature.
Progress through Parliament
- 1st reading Commons 21 Jan 2009
- 2nd reading Commons 27 Feb 2009
Source: the official bill page. Last updated 29 Oct 2009.