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Published by The Scottish Parliamentary Corporate Body
Moveable Transactions (Scotland) Bill
Author: Abigail Bremner
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Published: Thursday 08 Sep 2022 (SB 22-55)
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Overview
Report
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Overview
Report
Purpose of the Bill
The Bill: important dates and documents
Technical language and definitions
The role of the Scottish Law Commission
Special Scottish Parliament procedure for dealing with Scottish Law Commission bills
Previous Scottish Parliament Scrutiny of moveable transactions proposals
Current problems with the law in Scotland
Assignation of a claim requires intimation to the debtor
Moveable property used to secure a loan must be in the possession of the creditor
It is not possible to create a security right over incorporeal moveable property except by transferring ownership
Accessing business finance
Current trends in business finance
The role of security in business finance
Calculating the cost of credit
The role of the personal guarantee
The floating charge
Administration of the registers created by the Bill
Defining and protecting consumers
What would the Bill do?
What is assignation?
The requirements for assignation as set out in the Bill
The requirements of intimation as set out in the Bill
Protections for the debtor in a claim
The operation of the Register of Assignations
The structure of the Register of Assignations
Searching the Register of Assignations
Rights to request information from the assignee
Liability for errors in the Register of Assignations
Assignation - consumer issues
Protections for consumers in relation to assignation
Issues for consumers as debtors in consumer credit agreements
What is pledge?
The requirements for pledge as set out in the Bill
Setting up a statutory pledge
Disposing of property encumbered by a statutory pledge
Additional protections where property bought from a seller acting in the ordinary course of business
Additional protections for individual buyers acting in good faith
Additional protections for buyers of motor vehicles
Additional protections when the Register of Statutory Pledges contains inaccurate information
Additional protections for people relying on a statement from the secured creditor
Steps which must be taken before enforcing a pledge
Enforcing a pledge
Enforcement by selling the pledged property
Situations where more than one creditor has an interest in the pledged property
Enforcement by appropriating the pledged property
The operation of the Register of Statutory Pledges
The structure of the Register of Statutory Pledges
Registering a statutory pledge and correcting an existing record
Searching the Register of Statutory Pledges
Rights to request information from the secured creditor
Liability for errors in the Register of Statutory Pledges
Statutory pledge - consumer issues
Protections for consumers in relation to statutory pledge
Risks to consumers from the Bill's provisions on statutory pledge
The logbook loan model in England and Wales
Statutory pledge as an alternative to hire purchase and conditional sale
Purpose of the Bill
The Bill: important dates and documents
Technical language and definitions
The role of the Scottish Law Commission
Special Scottish Parliament procedure for dealing with Scottish Law Commission bills
Previous Scottish Parliament Scrutiny of moveable transactions proposals
Current problems with the law in Scotland
Accessing business finance
Administration of the registers created by the Bill
Defining and protecting consumers
What would the Bill do?
Sources
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Moveable Transactions (Scotland) Bill [as introduced]. (2022). SP Bill 15. Retrieved from
https://www.parliament.scot/-/media/files/legislation/bills/s6-bills/moveable-transactions-scotland-bill/introduced/spbill15s062022.pdf
[accessed 21 July 2022]
Moveable Transactions (Scotland) Bill - Explanatory Notes. (2022). SP Bill 15-EN. Retrieved from
https://www.parliament.scot/-/media/files/legislation/bills/s6-bills/moveable-transactions-scotland-bill/introduced/spbill15en062022accessible.pdf
[accessed 21 July 2022]
Moveable Transactions (Scotland) Bill - Policy Memorandum. (2022). SP Bill 15-PM. Retrieved from
https://www.parliament.scot/-/media/files/legislation/bills/s6-bills/moveable-transactions-scotland-bill/introduced/spbill15pms062022accessible.pdf
[accessed 21 July 2022]
Scottish Law Commission. (2017). Report on Moveable Transactions (in three volumes). Retrieved from
https://www.scotlawcom.gov.uk/law-reform/law-reform-projects/completed-projects/security-over-corporeal-and-incorporeal-moveable-property/
[accessed 21 July 2022]
Scottish Government. (2021). A fairer, greener Scotland: programme for government 2021-22. Retrieved from
https://www.gov.scot/publications/fairer-greener-scotland-programme-government-2021-22/documents/
[accessed 21 July 2022]
Scottish Parliament. (2022). Standing Orders of the Scottish Parliament (Sixth Edition, Sixth Revision). Retrieved from
https://www.parliament.scot/about/how-parliament-works/parliament-rules-and-guidance/standing-orders/chapter-9-public-bill-procedures#topOfNav
[accessed 21 July 2022]
Scottish Parliament. (2022). Guidance on Public Bills (Session 6 Edition, Version 1). Retrieved from
https://www.parliament.scot/about/how-parliament-works/parliament-rules-and-guidance/guidance-on-public-bills
[accessed 21 2022]
Scottish Parliament Economy, Energy and Fair Work Committee. (2019). Official Report 26 November 2019. Retrieved from
http://archive2021.parliament.scot/parliamentarybusiness/report.aspx?r=12401
[accessed 21 2022]
Scottish Parliament Information Centre. (2020). Economy, Jobs and Fair Work Committee - Moveable transactions summary of evidence. Retrieved from
https://www.scotlawcom.gov.uk/files/3415/9661/3679/20200727ConvenertoSGreMoveableTransactions1.pdf
[accessed 21 2022]
Scottish Law Commission. (2017). Report on Moveable Transactions Summary. Retrieved from
https://www.scotlawcom.gov.uk/files/1715/1361/1261/Summary_of_Report_on_Moveable_Transactions_Report_249.pdf
[accessed 21 July 2022]
BVA BDRC. (2022). SME Finance Monitor Q4 2021: Management Summary. Retrieved from
https://www.bva-bdrc.com/wp-content/uploads/2022/03/BVA-BDRC_SME_FM_Q4_2021_Management_Summary.pdf
[accessed 18 2022]
Private correspondence between SPICe and the Scottish Government 6 September 2022. (2022). (n.p.): (n.p.).
Money Advice Scotland. (2022). Response to the call for views on the Moveable Transactions (Scotland) Bill. Retrieved from
Consumer creditors will still be required to notify customers of an assignation
[accessed 7 September 2022]
Citizens Advice. (2015). Evidence on logbook lending. Retrieved from
https://www.citizensadvice.org.uk/about-us/our-work/policy/policy-research-topics/debt-and-money-policy-research/evidence-on-logbook-lending/
[accessed 29 August 2022]
UK government. (2017). Consultation outcome - Goods Mortage Bill. Retrieved from
https://www.citizensadvice.org.uk/about-us/our-work/policy/policy-research-topics/debt-and-money-policy-research/evidence-on-logbook-lending/
[accessed 29 August 2022]
UK Parliament. (2020). Goods Mortage Bill - House of Lords bill page. Retrieved from
https://bills.parliament.uk/bills/2618
[accessed 29 August 2022]
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