I move amendment No. 134:
In page 30, subsection (2), line 33, after "housing loan" to insert "or an overdraft facility".
Overdrafts are frequently converted into term loans and it would not be in the interest of the consumer to subject such conversion to the provisions of this section. On the other hand, where the duration of a term loan is fixed at, for example, three years, and is followed by an unconnected overdraft which is determinable at will and which has no specified term, the overdraft, which is a successive credit agreement according to the Bill, would revoke the term loan and incorporate its terms into those of the overdraft. This would certainly not be in the interest of the consumer.
This was discussed in detail the last time we referred to it. I am convinced that the section, as originally drafted, would not allow the consumer to avail of the advantage that would accrue by the conversion and that is why we brought in the amendment.