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

 


Little Help Against Loan Sharks

Little Help Against Loan Sharks


Loan sharks are getting nothing more than a slap on the wrist from the National Government, which refuses to introduce legislation to stop them charging very high interest rates, says New Zealand First.

“We are extremely disappointed in the Government for not putting a cap on interest rates as part of the Credit Contracts and Financial Services Law Reform Bill – this is the reason we voted against the committee stage of the Bill in Parliament yesterday,” says Commerce Spokesperson Andrew Williams.

“The most vulnerable people need every assistance to ensure that they are not ripped off by some of these unscrupulous racketeers.

“Commerce Minister Craig Foss could have taken an extra step and put a cap on interest rates as has been done in the United Kingdom, the US, Canada, Japan, Australia and much of Europe.

“United Future leader Peter Dunne has failed to put his representation of the people first, instead doing a flip flop, as he is wont to do, to save his political skin. He has refused to support an amendment to this Bill to include an interest rate cap.

“Three years ago he supported a similar Bill, which included interest rate caps, but now he has backed off.

“With his vote we could have dealt a blow to loan sharks but now all we have is weaker legislation that will have little effect on the extreme interest rates that loan sharks will charge their customers,” says Mr Williams.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news