BIS has decided to continue to allow “bills of sale” lending. It has introduced a new Code, effective from 1 February, for the lending industry to follow when making bills of sale loans. Lenders must explain, in plain English, what the loan entails. Most lenders had already signed up to the Code. Consumers are also protected by the regulations implementing the Consumer Credit Directive that also came into force on 1 February. (Source: Press Release and Code of Practice)