Law Commission proposes log book loan reform

The Law Commission has published a report recommending changes to the “archaic” Bills of Sale legislation, to make log-book loans fairer for borrowers and give better protection to buyers of second-hand vehicles that are subject to loans. The reforms will give borrowers more time to pay, allow them to end the agreement by returning the car to the lender if they cannot continue payments, and ensure a bona fide purchaser of a vehicle who bought it not knowing it was subject to a loan would not be liable for it.

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