Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Amendment to deal with ‘buy-back’ schemes

14 August 2003 Media Statement

Amendment to deal with ‘buy-back’ schemes

The second reading of the Consumer Credit Bill today introduced a significant amendment dealing with housing buy-back schemes, said Consumer Affairs Minister Judith Tizard.

“The government recently placed eight companies participating in buy-backs into statutory management,” said Judith Tizard. “A large number of consumers are affected by these schemes and have lost or may lose their homes. Without new measures in the Bill, there is potential for further detriment.

“Commerce Minister Lianne Dalziel and I signalled in June that an amendment to the Consumer Credit Bill might provide legislative cover for housing buy-back schemes.

“The Commerce Select Committee has recommended amendments that will protect consumers against future losses from buy-backs, as well as providing remedies for consumers already involved in buy-backs,” said Judith Tizard.

The Bill will:
- Require disclosure of information about buy-backs
- Require the provision of independent legal advice for consumers entering into buy-backs, and require solicitors to certify that the advice has been given
- Prevent the transfer of property without the Court’s permission where initial disclosure has not been made or independent legal advice has not been provided
- Ensure that remedies against oppressive conduct in Part 5 of the Bill apply to buy-backs.

“Funding for the Commerce Commission to enforce the Consumer Credit Bill was secured in Budget 2003 earlier this year. I am also pleased to announce that extra funding has been approved to enforce these new provisions to deal with buy-back schemes.

“I am confident that, when passed, this Bill will enhance the ability of consumers to understand the nature and risks of a buy-back transaction, while reducing the attractiveness of these schemes to financiers,” said Judith Tizard. “I predict that the combination is likely to see this form of finance leave the market.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election