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

 


Loan shark crack-down continues

HON CRAIG FOSS

Minister of Consumer Affairs

17 March 2014 Media Statement
Loan shark crack-down continues

Commerce Minister Craig Foss has welcomed the Commerce Select Committee report on a Bill that will crack-down on unscrupulous lenders who leave borrowers and their families in a spiral of uncontrolled debt.

“Proposed changes under the Credit Contracts and Financial Services Reform Bill will help to increase confidence in the role consumer credit plays in our financial markets, which is a major component of the Government’s Business Growth Agenda,” says Mr Foss.

“We are improving protections for borrowers by promoting responsible lending practices without imposing unnecessary compliance costs on lenders who already have good systems in place.

“We are targeting unscrupulous lenders by ensuring consumers are given the information they need to make informed decisions and boosting enforcement powers and penalties to crackdown on those lenders who breach the law. I would also like to take this opportunity to thank the Committee for its contribution towards the development of this important Bill,” says Mr Foss.

The Select Committee’s changes include:

• Clarifying the status of the Responsible Lending Code that will set out the best practice guidance for responsible lending.

• Positive improvements to the credit repossession rules in the Bill that will increase the protection for consumers from unfair repossession practice.

• Amending the continuous disclosure regime to require a minimum repayment warning on all credit card statements.

• Significantly increasing penalties for creditors that breach credit laws to maximum fines of $200,000 for individuals and $600,000 for companies.

For more information, visit www.parliament.nz/en-nz/pb/legislation/bills/00DBHOH_BILL12096_1/credit-contracts-and-financial-services-law-reform-bill


ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Inquiry Into One Case Of Dirty Politics

Suddenly, we’re awash in inquiries and reviews. (It feels almost as if the Greens won the last election.) Caught out by the damning inquiry by SIS Inspector-General Cheryl Gwyn, the government’s response yesterday was utterly in character – it released two other major reports at the same time to try and distract public attention...

Inquiries are supposed to re-assure the public. What these inquiry outcomes share in common is a government culture of zero responsibility. More>>

IGIS: Statement On Early Report Release

As the Inspector-General stated at the release of the report yesterday morning, she is examining what steps to take over the early disclosure of information from the report... Ms Gwyn said that she was aware of Mr Goff's subsequent statements that he had disclosed some information concerning findings in the report. She will be seeking further information from Mr Goff and others. More>>

ALSO:

IGIS ON SIS:

 
 

Parliament Today:

Temporary Release Crackdown Continues: Corrections Review Of Phillip Smith Case

“The review by Corrections’ Chief Custodial Officer reveals that the plan for Smith’s series of temporary releases was overly ambitious and misinformed. He’s a highly manipulative and deceptive person who although technically eligible, should not have been considered for temporary release." More>>

ALSO:

White Ribbon Day: Govt Resumes Sexual Violence Trial Proceedings Work

Justice Minister Amy Adams has asked the Law Commission to resume work on proposals for better supporting victims of sexual violence through the criminal process. The Law Commission will revisit its previous work on alternative pre-trial and trial processes to identify options for improving complainants’ experience in court. More>>

ALSO:

"New Faces, Wise Heads": Andrew Little Announces New Labour Line Up

Labour Leader Andrew Little today announced a bold new caucus line up which brings forward new talent and draws on the party’s depth of experience. More>>

ALSO:

Gordon Campbell: On Rick Ellis As Te Papa’s New CEO

The recent appointment of former TVNZ boss Rick Ellis to head Te Papa has copped a fair bit of criticism. Much of it has been inspired by the suspicion that Ellis has been hired to pursue the same purely commercial goals as he did at TVNZ, while similarly neglecting the serious cultural side of his mandate. More>>

Passport Cancellation, Surveillance: Draft 'Foreign Fighters Legislation' Released

The final draft of the Countering Terrorist Fighters Legislation Bill contains proposals previously announced by Mr Key in a major national security speech earlier this month. More>>

ALSO:

Related

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... More>>

ALSO:

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:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news