Outlawing Of Pernicious Money-Lending Practices

EDM number 26 in 1995-96, proposed by Eric Martlew on 15/11/1995.

That this House calls upon the Minister for Competition and Consumer Affairs to support a new national initiative pioneered by Carlisle City Council with particular reference to the outlawing of any annual percentage rate more that twice the maximum rate prevailing at high street banks, the withdrawal of Office of Fair Trading proposals which would, if implemented, remove any legal obligation to provide APR details on loans under ú150, the standardisation of documentation relating to loan agreements so that all such documentation prominently displays on each page or pages the rate of APR applicable to that agreement, the ending of pernicious money-lending practices such as the deduction of the first repayment from the loan itself and finally, the imprinting on accounts and invoices of Government agencies and departments for example contributions agency forms, and benefit and pensions books, of a standard form of wording alerting the recipients to the dangers of extortionate credit.

This motion has been signed by a total of 113 MPs.