The long awaited Goods Mortgages Bill has completed its first reading in the House of Lords.
In its consultation on the draft bill, HM Treasury described it as:
- providing increased protection for consumers who use goods that they already own as security for loans;
- providing protection for innocent third parties who unknowingly buy a vehicle subject to a logbook loan that may be at risk of repossession;
- removing unnecessary burdens on firms that raise the cost of lending; and
- creating new opportunities for small, unincorporated businesses to access finance.