Monday, 12 September 2016
The Law Commission today published proposals for the reform of the law governing bills of sale. The Commission is proposing the repeal of the Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882, and the introduction of new legislation providing more protection for borrowers and fewer burdens on lenders. The Commission's report and recommendations, which apply to England and Wales but not Scotland, are available here (pdf). The Commission found that logbook loans account for the great majority of bills of sale, with most of these loans secured against a vehicle already owned by the borrower.