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Aithisgean Chomataidh
Research Briefings
Brathan-ullachaidh Rannsachadh
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Ais-eòlas
Published by The Scottish Parliamentary Corporate Body
Stage 1 Report on the Moveable Transactions (Scotland) Bill
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Published: Friday 02 Dec 2022 (DPLRS062022R64)
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Introduction
Background to moveable transactions and the Bill's proposals
The role of the Scottish Law Commission
Consultation on the Bill: Scottish Law Commission
General
Impact of the reforms proposed in the Bill
Assignation
Background to assignations
The Register of Assignations
Dual system of assignation
Assignation of debts owed by individual consumers
Waiver of defence clauses
Statutory pledge
Background to statutory pledge
Current issues
Protections in the Bill for individual consumers
Enabling a high-cost credit market
Regulation by the Financial Conduct Authority
Excluding consumers from the Bill’s proposals
£1,000 value threshold for individual consumers
Enforcement
Court procedure for individuals not acting in a business context
Enforcement against small businesses would be possible without a court order
Registers
Background to the registers
The detail of how the registers operate
Links with Companies House
Voluntary updates to the Register of Statutory Pledges
Fees
Scope of the Bill - Financial instruments
Other points
Electronic signature requirements
Agricultural charges
Delegated Powers Memorandum
Financial Memorandum
Conclusions on the general principles of the Bill
Annexe A: Extracts from minutes
Annexe B: Evidence
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