Goods Mortgages Bill [HL]

A Bill to repeal the Bills of Sale Acts 1878 and 1882; to make provision for a new form of non-possessory security that may be created over goods owned by individuals; and for connected purposes

Originating House

House of Lords

Last Updated

5 May 2021

In Plain English

AI-generated

This Bill aims to replace the old rules for security on goods with a new system that allows individuals to offer the goods they own as security for a loan without giving up possession. It repeals the Bills of Sale Acts 1878 and 1882 and introduces a modern form of non-possessory security over personal property, along with related provisions.

Key Points

Repeals the Bills of Sale Acts 1878 and 1882 and replaces them with a modern framework.
Creates a new non-possessory security over goods owned by individuals (no transfer of possession required).
Sets out how the new security can be created and enforced.
Aims to modernise consumer credit and reduce reliance on the old Bills of Sale regime.

Progress

The bill is at the second reading in the Lords. If it progresses, it will move on to detailed scrutiny in committee and subsequent stages.

Who is affected?

Individuals who own goods that could be used as security for loansLenders and finance providers offering goods-secured creditLegal professionals and advisers handling secured transactionsConsumers and households engaging in consumer credit or secured lending

Generated 21 February 2026

Updates & Documents

News (1)

News - Goods Mortgages

1 Jan 1970

First reading took place on 5 February. This stage is a formality that signals the start of the Bill's journey through the Lords.

Second reading - the general debate on all aspects of the Bill - is yet to be scheduled.

The 2019-2021 session of Parliament has prorogued and this Bill will make no further progress.

Documents (1)

HL Bill 92 (as introduced)

BillLords

5 Feb 2020

Parliamentary Votes (0)

No recorded votes for this bill yet.

Goods Mortgages Bill [HL] | TrackPolitics