HODP Bill receives Royal Assent

The Home Owner and Debtor Protection (Scotland) Bill received Royal Assent on Thursday 18 March 2010.

The aim of the Act is to help protect people struggling to deal with debt by increasing protection for those who are facing repossession of their homes or bankruptcy. It amends the law regarding the enforcement of mortgages over residential property to ensure that all cases are heard in court and to require that lenders take reasonable steps to avoid repossession.

It also amends the Bankruptcy (Scotland) Act 1985 to:

• introduce a new route into bankruptcy;

• allow specified property to be excluded from a protected trust deed;

• increase protection for a family home;

• remove certain requirements to advertise in the Edinburgh Gazette.

A copy of the full Act is now available to view online.