On 5 February 2020, a private members bill, the Goods Mortgages Bill [HL] 2019-2020, had its first reading in the House of Lords. If it becomes law, this bill proposes to abolish the existing laws on bills of sale and create a new system for non-possessory rights.
This is not, of course, the first time such legislation has been suggested. The Law Commission recommended new legislation but Treasury later decided, in May 2018, not to move forward with legislation. A previous private members bill did not progress because Parliament was dissolved in December 2019.
No date has yet to be sent for a second reading.