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

 


Dunne breaks his word on loan sharks

Dunne breaks his word on loan sharks

United Future Leader Peter Dunne has done the dirty on the victims of loan sharks and backflipped on his previous willingness to support moves to cap excessive interest rates, Labour’s Consumer Rights spokesperson Carol Beaumont says.

“When Peter Dunne previously voted for my Member’s Bill proposing interest caps, he specifically said he was sorry it failed and hoped further progress would be made in the future.

“In spite of those comments he has ruled out supporting Labour’s proposed amendments to the Credit Contracts and Financial Services Reform Bill which will reduce the exorbitant rates loan sharks charge. The Bill is likely to be back in the House for a second reading on Tuesday.

“The Government’s long delayed Bill does not address the issue of capping interest rates of sometimes several hundred per cent.

“The legislation seeks to regulate consumer credit including loans provided by predatory third tier lenders. But National has failed to address out of control interest rates, leaving the Bill out of step with many jurisdictions around the world including the US, the UK, Canada, Japan, Australia and most of Europe.

“National opposes interest rate caps because it claims they could have undesired effects but I challenge the Government to find one country that has repealed such restrictions.

“Initial indications show there would be strong support for Labour’s amendments from other political parties and Peter Dunne’s vote could be crucial.

“These changes would strengthen protections for consumers and rein in the worst excesses of the third tier credit market which has thrived in times of high unemployment and low wages.

“Excessive interest rates lead to a spiral of debt and despair for many families. Labour urges those who want to stop the devastation that extortionate interest rates cause, to tell Peter Dunne he should do the right thing,” Carol Beaumont says.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Gordon Campbell: On The Funding Changes In Special Needs Education, And Uber

    The plan to strip out the educational support for older “special needs” children in order to meet the existing shortfall in funding for special needs in early childhood education is so miserly and relentlessly stupid as to defy belief… More>>

    SPECIAL EDUCATION (& More):

    Online Learning Plans:

    Post Cab Presser: Inquiries And Consciences

    This afternoon the Prime Minister John Key announced that his cabinet had drafted terms of reference for the Havelock North water contamination inquiry... In response to questions on the Shop Trading Hours Amendment Bill, the Prime Minister said he didn't think allowing National MPs a conscience vote was warranted. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news