consumer protection. Both the 1878 Act and the 1882 Act remain in force today. Absolute bills are regulated only by the 1878 Act. Security bills are regulated by the 1882 Act and the 1878 Act, to the extent that its provisions are consistent with those of the 1882 Act. Bills of sale in the 21st century In the twenty-first century, bills of sale are overwhelmingly used in the form of so-called "logbook loans". These are security bills secured on the borrower's vehicle. Borrowers transfer ownership of their car, van or motorcycle to the logbook lender as security for the loan. While making repayments, borrowers keep possession of their vehicle and continue to use it. Borrowers hand the logbook lender the V5C registration document – or "logbook" – but this is purely symbolic and has no legal effect. Criticism and reform of the law The law of bills of sale has been criticised on a number of occasions. The Crowther report in 1971 and the Diamond report in 1986 both considered the Acts, with the latter recommending repeal. In its consultation paper, the Law Commission made a number of criticisms of the law as it stood in 2015. It proposed to replace the Bills of Sale Acts with a new Goods Mortgages Act. In its consultation paper, the Law Commission identified five key problems with the Bills of Sale Acts: undue complexity; highly technical documentation; the registration regime is in need of modernisation; they offer little protection to borrowers; they offer no protection to third party purchasers. The Law Commission proposed to replace the Bills of Sale Acts with a new Goods Mortgage Act that would address each of the criticisms identified in the consultation paper. See also Contract of sale Hire purchase Manufacturer's Certificate of Origin References External links Bills of Sale Act 1878 Bills of Sale Act (1878) Amendment Act 1882 Bills of Sale Act 1890 Bills of Sale Act 1891 Sales Legal documents Accounting source documents