Responsible lending laws may be extended to cover "credit provided predominantly for investment purposes" if the views of a Senate committee hold any sway.The Senate Standing Committees on Economics on Friday tabled its report into agribusiness managed investment schemes, centred on the demise in 2009 of Great Southern and Timbercorp.Bendigo and Adelaide Bank and ANZ, as principal lenders to investors in the two failed agribusiness schemes, are a particular focus of the committee's report, mainly over the latitude (or perceived lack of it) extended by the two banks toward borrowers in hardship.The committee's principal recommendation is that "the Government initiate discussions with the states and territories on taking measures that would lead to the introduction of national legislation that would bring credit provided predominantly for investment purposes, including recourse loans for agribusiness managed investment schemes, under the current responsible lending obligations."The committee recommended that the Banking Code of Conduct "include an undertaking that banks adhere to responsible lending practices when providing finance to a retail investor to invest."The report, heavily influenced by the grumbles of investors in MIS schemes, recommended that Bendigo and Adelaide Bank "support the appointment of an independent advocate to assist borrowers resolve their loan matters relating to Great Southern."The bank has resisted this measure so far, preferring that its own case managers deal with all facets of a relationship with disgruntled borrowers.KordaMentha, the administrators of Timbercorp, already have such a scheme in place.