Bill · started in the Commons
Secured Lending Reform Bill
A Bill to make provision regarding the rights of secured debtors; to reform the rights of certain creditors to enforce their security; to make other provision regarding secured lending; and for connected purposes.
In progress
Current stage: 2nd reading (Commons)
The story so farThe Secured Lending Reform Bill was introduced in the House of Commons on 30 June 2010 by George Eustice (Conservative). 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
<p>The Bill would curtail the role of receivers with a view to encouraging banks to work with their customers to find solutions when repayment difficulties arise. It would remove the power of sale from receivers and would limit their role to receiving income from assets. </p><p>The Bill would also prevent banks from gaining a possession order until all counter-claims and disputes lodged by a borrower have been resolved by the courts. </p>
Progress through Parliament
- 1st reading Commons 30 Jun 2010
- 2nd reading Commons Current
Source: the official bill page. Last updated 1 May 2012.