Bill of Sale Lending: Reforming a ‘Toxic’ Form of Credit

Bill of Sale Lending: Reforming a ‘Toxic’ Form of Credit The Bills of Sale Acts were enacted in Victorian times as a form of secured credit whereby ‘goods’ owned by a borrower could be assigned under the bill of sale to a lender who would have title to the goods transferred to him. The lender would then allow the borrower to retain possession of the goods in exchange for instalment payments with interest. In the twenty‐first century these bills are most commonly used as ‘logbook loans’ for vehicles with extortionate interest rates and very little protection for individual consumers. This article examines the operational background to the Bill of Sale Acts. It focuses upon particular concerns for consumers and businesses and provides critique of the registration process before examining the proposals and consultations for reform currently before the Law Commission. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Modern Law Review Wiley

Bill of Sale Lending: Reforming a ‘Toxic’ Form of Credit

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Publisher
Wiley Subscription Services, Inc., A Wiley Company
Copyright
© 2018 The Modern Law Review Limited. All rights reserved
ISSN
0026-7961
eISSN
1468-2230
D.O.I.
10.1111/1468-2230.12330
Publisher site
See Article on Publisher Site

Abstract

The Bills of Sale Acts were enacted in Victorian times as a form of secured credit whereby ‘goods’ owned by a borrower could be assigned under the bill of sale to a lender who would have title to the goods transferred to him. The lender would then allow the borrower to retain possession of the goods in exchange for instalment payments with interest. In the twenty‐first century these bills are most commonly used as ‘logbook loans’ for vehicles with extortionate interest rates and very little protection for individual consumers. This article examines the operational background to the Bill of Sale Acts. It focuses upon particular concerns for consumers and businesses and provides critique of the registration process before examining the proposals and consultations for reform currently before the Law Commission.

Journal

The Modern Law ReviewWiley

Published: Jan 1, 2018

Keywords: ; ; ; ; ;

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