Consumer Credit Bill

moved Amendment No. 1:"Page 6, line 9, leave out ““his”” and insert ““the debtor’s””" The noble Lord said: My Lords, the Government believe that it is necessary to modify the wording of the new subsection (2) in Clause 7(3). The clause deals with agreements with multiple debtors and allows all but one of the debtors who are party to an agreement to waive their right to receive certain statements under the 1974 Act as amended. The Bill will permit multiple debtors to provide the creditor with a dispensing notice such that the creditor will be required to send out only one copy of each notice or statement required by the Bill under new Section 77A, which deals with annual statements, or Section 78 of the 1974 Act, which deals with running account credit statements. The last line of the new Section 185(2) as currently drafted ““authorises him””—the creditor—"““not to comply in his case””," which could be read as referring to the creditor, ““with section 77A””, and so on. Since the clause is not clear as currently drafted, the Government propose to amend this to read, ““authorises him””—the creditor—"““not to comply in the debtor’s case with section 77A””," and so on, to make that absolutely clear. I beg to move.