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

 


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

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On The Ombudsman’s Verdict On Paula Rebstock And Ian Rennie

Unfortunately, the brave and damning report by Ombudsman Ron Paterson on the “flawed” and “unfair” inquiry conducted by Dame Paula Rebstock into events at MFAT pulls back the veil on a far wider issue. More>>

ALSO:

Charities' Report: Stressed Families - Overstretched Services

“Like so many of the whānau and families they serve social service organisations are under huge financial stress. The support demanded from desperate people in communities is far outreaching the resources available.” More>>

ALSO:

Detention: Wellingtonians Protest Treatment Of Refugees

Peace Action Wellington (PAW) and around 50 Wellingtonians blockaded the Australian High Commission, creating a symbolic detention centre to protest the Australian Government's policy of mandatory offshore detention for refugees and asylum seekers. More>>

ALSO:

Diver's Alarums: Breach Means Training Provider Must Repay $1.47 Million

The New Zealand School of Outdoor Studies is to repay $1.47 million (GST-exclusive) to the Tertiary Education Commission (TEC) following an investigation which showed that some student enrolments between 2009 -2014 could not be validated and that courses were under-delivered against their agreement with the TEC. More>>

ALSO:

Education: Government Plans Suggest Bulk Funding Return

Plans by the Government to return to bulk funding are likely to see increased class sizes and schools most in need missing out on much-needed resources, Labour’s Acting Education spokesperson Grant Robertson says. More>>

ALSO:

Interim Report: Auckland Looks Long Term To Pay-Per-Km Road Pricing

Aucklanders can expect to be paying variable rates per kilometre to travel on the city's most congested roads under an emerging transport strategy being formulated by the government and the Auckland Council. More>>

ALSO:

Despite Promises: Government Extends Iraq Deployment

Cabinet has agreed to extend New Zealand’s contribution to the joint New Zealand-Australia mission to train Iraqi Security Forces until November 2018. More>>

ALSO:

On The 'Terrorism' Card:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news