Regulatory Reform Committee press release

Session 2007-08 9 July 2008

Draft Legislative Reform (Consumer Credit) Order 2008

PUBLICATION OF REPORT


The Committee's assessment of the draft Order will be published as its Third Report of the 2007-08 Session at 2.00 pm on Thursday 10 July 2008. It will be available from Stationery Office outlets (Ref HC 939).

The Regulatory Reform Committee agrees with the Government that the affirmative resolution procedure under section 17 of the Legislative and Regulatory Reform Act 2006 should apply.

The text of the report will also be available on the Committee's website from 3.30 pm on the day of publication. (www.parliament.uk/regrefcom)

Notes for Editors

The Legislative Reform (Consumer Credit) Order and Explanatory Document were laid on 17 June 2008 under section 14(1) of the Legislative and Regulatory Reform Act 2006. This is the third draft Legislative Reform Order to come before the Committee. The purpose of this draft Order is to rectify distortions introduced into the Consumer Credit Act 1974 by the Consumer Credit Act 2006 and thereby exempt buy-to-let lending from regulation in accordance with Government policy on mortgages, clarify the position on the giving of statements for fixed sum credit agreements and provide definitions of 'payments' for the purpose of issuing notices of sums in arrears. By doing this, the draft Order would remove burdens in terms of the financial costs which would arise if the proposed amendments were not made.

The Regulatory Reform Committee is appointed to examine and report to the House on draft Legislative Reform Orders under the Legislative and Regulatory Reform Act 2006 and matters relating to regulatory reform. Its full remit is set out in S.O. No. 141.

The Members of the Committee are:

Andrew Miller , Labour , Ellesmere Port & Neston (Chairman)
Gordon Banks , Labour , Ochil and South Perthshire
Lorely Burt , Liberal Democrat, Solihull
Mr Quentin Davies , Labour , Grantham and Stamford
Mr James Gray , Conservative , North Wiltshire
John Hemming , Liberal Democrat , Birmingham, Yardley
Mrs Sharon Hodgson , Labour , Gateshead East & Washington West
Mr Stewart Jackson , Conservative , Peterborough
Judy Mallaber , Labour , Amber Valley
Dr Doug Naysmith , Labour Co/op , Bristol North West
Mr Mark Prisk , Conservative , Hertford and Stortford
Mr Jamie Reed , Labour , Copeland
Mr Anthony Steen , Conservative , Totnes
Phil Wilson , Labour , Sedgefield

For further information on the work of the Committee, contact Liz Booth, Secretary / Committee Assistant (020 7219 2837); or see the Committee's website www.parliament.uk/regrefcom