Consumer Credit Act, 1995
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Use of bills of exchange, etc. |
41.—(1) Where a bill of exchange or a promissory note is given to a creditor by a consumer as part of, or in connection with, a credit agreement, or is given as security for a credit agreement, the existence of the bill or note shall not affect the rights and protections available to the consumer by virtue of this Act. | |
(2) Where a bill of exchange or a promissory note is negotiated by the creditor to a third party, the consumer may, notwithstanding anything in the Bills of Exchange Act, 1882 , in any proceedings for the enforcement of the bill or note, plead against that third party any defence available to him against the creditor. |