New clause 4 - CHANGES IN CREDIT LIMITS
Consumer Credit Bill
6:00 pm
'(1) It shall be the responsibility of a lender to ensure that any increase in a credit limit made on an unsolicited basis to a debtor is reasonable and affordable, before agreeing any such increases with a debtor.
(2) It shall be the responsibility of a lender to ensure that any increase in a credit limit has the written agreement of a debtor before any such increase is granted.
(3) Any lender who fails to meet the requirements set out in subsections (2) and (3) shall be subject to penalties to be determined by regulation.'. —[Charles Hendry.]
Brought up, and read the First time.