Prevention of Excessive Charges Bill
In progressCurrently at: 2nd reading in the Commons.
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Long title
A Bill to prevent excessive charges or fees from being levied on consumers; and for connected purposes
Summary
The aim of this Bill is to make provisions which would protect bank customers and other borrowers from excessive charges or fees. The Bill would require that any default charges in a consumer contract with a bank must be 'fair and proportionate'. Specifically, it would limit charges and fees to no more than 2.5 per cent of the actual value of the default or failure per loan or account. This would apply to agreements regulated under the Consumer Credit Act 1974 (loans) and bank account overdrafts. The Bill would apply to the whole of the UK.
Progress through Parliament
- 1st reading· Commons
29 April 2009 – 29 April 2009
- 2nd reading· Commons
Source: UK Parliament Bills API. Bill ID: 475.