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Loan Shark Summit backs action

Wednesday, 22 September 2010, 2:24 pm
Press Release: New Zealand Labour Party

Loan Shark Summit backs action

Labour MP Carol Beaumont today hosted a meeting in Wellington of organisations and individuals concerned about the issue and impact of loan sharks.

“The Loan Shark Summit reflects the desire of many in the community to see urgent action taken on this issue,” Carol Beaumont said.

In March this year Ms Beaumont launched the Stop Loan Sharks campaign. Her Members Bill the Credit Reforms (Responsible Lending) Bill was voted down by National and ACT in July 2010.

“The Stop Loan Sharks campaign has developed considerable momentum and profile because this issue is a huge problem in many communities, especially in these tough economic times,” Carol Beaumont said.

“I have been overwhelmed by the support expressed for the campaign all around New Zealand and the amazement of many that the Government has failed to act.

“The Summit today has bought together a strong group of people from a range of community groups, unions and budgeting services who all want to ensure that the Government receives a clear message that they need to act on high interest lending. We also want to ensure that that all options to deal with the issue are explored and that we continue to build awareness and collect evidence of the harm to vulnerable New Zealand families.

“The Summit participants have committed to working together on a broad range of issues linked to high interest lending and a small group will be convened shortly to put together a campaign outline. Representatives will then seek to have a meeting with new Minister of Consumer Affairs, John Boscawen,” Carol Beaumont said.

“I also proposed a further Members Bill and a call for the Commerce Select Committee to conduct an enquiry on the second tier credit market, which was endorsed by the Summit.

“We are determined to build support and to insist that the Government takes action. There is no excuse for allowing this increasing problem to continue, the human cost is too high.”

ENDS


 
 
 
 
 
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