Statutory Limits On Fees And Interest Rates Associated With Loans

EDM number 173 in 2002-03, proposed by Colin Challen on 21/11/2002.

That this House believes that far too many of its honourable Members' constituents are being trapped in usurious personal loan agreements, which include exorbitantly high charges, such as acceptance fees, insurance charges and interest rates; and believe that such charges and rates should be controlled by statute allowing for such costs to be limited to regularly reviewed levels in proportion to the loan service.

This motion has been signed by a total of 25 MPs.