Parliament

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

 

Consumer credit law changes introduced to Parliament

Hon Craig Foss
Minister of Consumer Affairs

18 April 2013

Consumer credit law changes introduced to Parliament

Consumer Affairs Minister Craig Foss today announced the introduction of a Bill making wide-ranging changes to consumer credit and repossession laws.

“The Consumer Credit and Financial Services Law Reform Bill is the biggest overhaul of consumer credit law in a decade,” says Mr Foss.

“The changes introduced today represent a crackdown on unscrupulous lenders who prey on desperate people and leave them and their families trapped in a spiral of debt.

“The changes will usher in an era where lenders must act responsibly, where consumers have the information they need and where there are significant consequences for those who breach the law.

“Rewriting the rules for consumer lending was one of the Government’s pre-election promises and forms an important part of the Business Growth Agenda, which aims to boost confidence in our financial markets. I’m pleased today to say the Government is delivering on those promises,” says Mr Foss.

The Bill introduces a wide range of changes, including:
• Lenders will have to take responsibility for the likely effect of the credit they provide
• Lenders will only be able to lend money when the loan meets the borrower’s requirements and objectives, and the payments required won’t cause substantial hardship for the borrower
• Lenders may be banned from the industry if they don’t lend responsibly
• A new Code of Responsible Lending will be introduced
• There will be better controls against misleading, deceptive or confusing advertising
• Consumer goods cannot be repossessed unless they are specifically identified in the credit contract
• Licensing of repossession agents and employees.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog