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

 


MP welcomes introduction of loan shark legislation

Peseta Sam Lotu-Iiga
MP for Maungakiekie

19 April 2013

MP welcomes introduction of loan shark legislation

Peseta Sam Lotu-Iiga, MP for Maungakiekie, has welcomed the introduction of the Consumer Credit and Financial Services Law Reform Bill by the Minister of Consumer Affairs, Hon Craig Foss.

“The bill is the fulfilment of a personal campaign for me and incorporates many aspects of my private members bill which was launched on 12 May 2011. These important reforms are about delivering a fair and responsible lending environment for consumers, as well as rebuilding confidence and credibility in the New Zealand financial sector.” Mr Lotu-Iiga says

“Currently, some borrowers struggle to pay back loans, sign up to disproportionate contracts and do not understand how much a loan will cost. Consumers are often not told key information until up to 5 days after a loan contract is signed.”

“Also, advertising is sometimes deceptive and misleading, so people do not understand the real cost of a loan.” Mr Lotu-Iiga says

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 do not 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.

“The Labour Government had 9 long years to help vulnerable communities and families, that have been preyed on by unscrupulous lenders. Families have been trapped into a lifetime of debt, poverty and have had no financial recourse, yet Labour did nothing to help them.”

“National campaigned on introducing new laws to target loan sharks and protect unwary consumers and we are delivering on that promise.”

“The communities in my electorate of Maungakiekie and many more across our country will welcome the introduction of this bill. I look forward to debating the bill and hearing public submissions as it makes its way through the house and select committee.” Mr Lotu-Iiga says

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014.

During his visit, President Xi Jinping met with Governor-General Jerry Mateparae, and held talks with Prime Minister John Key. The leaders had an in-depth exchange of views on bilateral relations as well as regional and international issues of common interest. More>>

 
 

Parliament Today:

Savings Targets: Health Procurement Plan Changes Direction

Next steps in implementing DHB shared services programme Health Minister Jonathan Coleman says the Government has agreed to explore a proposal put forward by DHBs to move implementation of the shared services programme to a DHB-owned vehicle. More>>

ALSO:

More on Health Policy:

Auckland Unification: 'No IT Cost Blowout' (Just More Expensive)

Following discussion of an update on Auckland Council’s Information Services Transformational Programme at today’s Finance and Performance Committee, council has released the report publicly. More>>

ALSO:

Other Expensive Things:

Gordon Campbell: On The SAS Role Against Islamic State, And Podemos

Only 25% of the US bombing runs are even managing to locate IS targets worth bombing. As the NYT explains at length, this underlines the need for better on-the-ground intelligence to direct the air campaign to where the bad guys have holed up... More>>

ALSO:

Public Service: Commission Calls For Answers On Handling Of CERA Harassment

EEO Commissioner Dr Jackie Blue is deeply concerned about the way in which the State Services Commission has handled sexual allegations made against CERA chief executive Roger Sutton this week and is calling for answers. More>>

ALSO:

Gordon Campbell:
On Andrew Little’s Victory

So Andrew Little has won the leadership – by the narrowest possible margin – from Grant Robertson, and has already been depicted by commentators as being simultaneously (a) the creature of the trade unions and (b) the most centrist of the four candidates, which would be an interesting trick to see someone try in a game of Twister. More>>

ALSO:

China President Wishlists: Greens Welcome Xi, But Human Rights Need To Be On Agenda

“President Xi has made some progress on climate change, but he must also lift the Chinese government’s game on human rights issues,” Green Party Co-leader Dr Russel Norman said... It is important that our Government continues to urge the Chinese government to show restraint and respect human rights in both Tibet and the Xinjiang province.” More>>

ALSO:

Airport Security Breach: CAA Fines Minister

Minister Brownlee has been issued an infringement notice and is required to pay a $2000 infringement fine for breaching Civil Aviation Rule 19.357(b), which states no person may be in an airport security area without an appropriate identity card or document. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news