Form and function at heart of changes to credit laws

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The Treasury Select Committee's second report into consumer credit has outlined specific changes that would radically alter the look and feel of credit agreements.

A "Summary Box", currently being proposed as a voluntary response from industry, would be put on a statutory footing if the government gets is way. Such a box describing the key elements of the credit agreement would be a good basis on which to develop proposals for pre-contract information, the TSC says. It intends to test sample pre-contract information and illustrative agreements on consumers before coming to a conclusion on the best way to present such information. Other changes that will affect the form and function of agreements include forcing lenders to explain the implica...

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