OpenLegislation

Section 117 Review of ActI1I2

Scotland

(1)

The Scottish Ministers must, as soon as reasonably practicable after the end of the review period—

(a)

undertake a review of the operation of this Act, and

(b)

prepare a report on that review.

(2)

The report must, in particular, set out—

(a)

an assessment of—

(i)

the impact of allowing the debtor to waive the right to assert defences as provided for in section 14(1), and

(ii)

how well the provisions regarding statutory pledges are working in relation to sole traders and small businesses, and

(b)

the steps (if any) that the Scottish Ministers propose to take as a result of the findings of the review.

(3)

The Scottish Ministers must, as soon as reasonably practicable after preparing the report—

(a)

publish the report, and

(b)

lay the report before the Scottish Parliament.

(4)

For the purposes of this section, “the review period” is the period of 5 years beginning with the day on which sections 1 and 42 come into force or, if they come into force on different days, the earlier of those days.

Annotations

Commencement

I1

S. 117 not in force at Royal Assent, see s. 121(2)

I2

S. 117 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2