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Loan Shark Bill passes second reading

Loan Shark Bill passes second reading

A Bill that overhauls consumer credit laws to ensure that the interests of consumers are protected has passed its second reading in Parliament today says Consumer Affairs Minister Craig Foss.

“The Credit Contracts and Financial Services Law Reform Bill will require lenders to act responsibly and ensure consumers are given all the information they need to make sound borrowing decisions,” says Mr Foss.

The Bill increases consumer protections in cases of repossession whereby goods that could be repossessed must be specifically identified by the lender. Some items such as beds, medical equipment and portable heaters will be prohibited from repossession altogether. Credit repossession provisions will be enforced by the Commerce Commission.

“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 that break the law,” says Mr Foss.

“Reshaping the consumer lending environment is an important part of the Government’s Business Growth Agenda. These changes will boost confidence in the role consumer credit plays in our financial markets, while providing increased protection for New Zealand’s most vulnerable consumers,” says Mr Foss.

Ends

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