Parliament

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

Dutton 'Gone': Time For Australia To Reconsider On Refugees

Hard line Australian immigration Minister Peter Dutton’s move to the backbench should reopen a conversation about refugees on Nauru coming to New Zealand, Green MP Golriz Ghahraman has said today.

“Australia has a unique opportunity now that Peter Dutton has moved to the backbench.

“There are 119 children on Nauru who are languishing in despair. Every day spent in detention is another day robbed of their childhood and a safe and nurturing environment.” More>>

 

Maximum $100 Fine: AA Cautiously Welcomes Clamping Regulation

The AA has been calling for years for the private parking sector to be regulated, including banning the practice of wheel clamping. More>>

ALSO:

Ardern Speech: Justice Summit Opens

If we want to talk about an effective justice system, we shouldn’t start with a discussion about prisons, but a discussion about New Zealand... More>>

ALSO:

NZDF: New Chiefs Of Navy, Army And Air Force

“I’m delighted to announce that following approval by Cabinet, Commodore David Proctor, Brigadier John Boswell and Air Commodore Andrew Clark have been appointed by the Governor-General to lead their respective Services,” says Ron Mark. More>>

ALSO:

Christchurch Quake: New Red Zone Payment For Uninsured

The Government will pay former residential red zone owners 100% of the 2007/08 rateable value for uninsured homes, Minister Megan Woods has announced today. More>>

ALSO:

Gordon Campbell: On MP Pay And The REAL P.C. Danger Zone

There has never been anything remotely credible about the way parliamentarians would paint themselves as the helpless victims of the Remuneration Authority when it came to their pay increases... More>>

ALSO:

Repatriation: Remains Of NZ Service People Return Home

Prime Minister Jacinda Ardern and Minister for Veterans Ron Mark say they were honoured to be with the families of service personnel as they welcomed their loved ones home. More>>

ALSO:

Cop Shop Top-Up: 1800 New Police Through NZ

Police Commissioner Mike Bush has today confirmed further details around the allocation of the 1800 additional officers, following a $298.8 million increase for Police in Budget 2018... “These 1800 officers, alongside 485 support staff, will really enhance our work to keep people safe, and ensure they feel safe,” says Mr Bush. More>>

ALSO:

Human Right Commissions: Concern On Aged Care And Consent

A new report published by the Human Rights Commission raises concerns about the legal and human rights safeguards for an estimated 5000 elderly New Zealanders in secure dementia units and psychogeriatric facilities. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages