On 13 September 2016, we blogged that the Law Commission had published a report on Bills of Sale following an earlier consultation on the reform of the Bills of Sale Acts. The report recommended that the Bills of Sale Acts should be repealed and replaced with modern legislation that imposes fewer burdens on lenders and provides more protection to borrowers. The Law Commission’s next step was to draft a Bill following the Government’s approval of its recommendations.
In July 2017, the Law Commission published Consultation on draft clauses: Replacing bills of sale: a new Goods Mortgage Bill (consultation). The consultation was intended to form part of the Goods Mortgages Bill announced by the Government in the Queen’s speech in June 2017.
The Law Commission has now published a revised version of its proposed Goods Mortgages Bill together with a document setting out it its response to the July’s consultation and an update on the changes it has made to the draft Bill since then. The proposed Bill will replace the Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882.
View Law Commission revised draft Goods Mortgages Bill and consultation, 22 September 2017