The Creditworthiness Assessment Bill had its committee stage, the first chance for line by line scrutiny, in the Lords on Friday 11 May.
This is a private member's bill. A private member's bill is a type of public bill (that affects the public). Private members' bills must go through the same set of procedures as other public bills.
This bill would require certain matters to be taken into account when assessing a borrower’s creditworthiness.
Members discussed subjects including:
- a Financial Conduct Authority (FCA) review of the Act (if passed) and termination of the Act’s rules.
- an FCA review of how taking account of rental and council tax payments has affected borrowers’ creditworthiness.
Report stage, a further chance to examine the bill and make changes, is yet to be scheduled.
The Creditworthiness Assessment Bill had its second reading, the key debate on the draft law's purpose and principles, on 24 November 2017.