Parliament

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

 

Consumer Credit Law To Be Reviewed

PARLIAMENT BUILDINGS, WELLINGTON, NEW ZEALAND.

Office of the

MINISTER OF CONSUMER AFFAIRS

Te Tari o te Minita mo nga Take Kaihokohoko
Hon Peter McCardle

MEDIA RELEASE 1 July 1999

CONSUMER CREDIT LAW TO BE REVIEWED

The Minister of Consumer Affairs, Hon Peter McCardle, today announced a review of consumer credit policy and legislation, which he says has become inefficient and outmoded.

Submissions from interested parties are being called for.

Mr McCardle said, "The law in this area can contribute to the welfare of consumers and the prosperity of business - but only if certain conditions are met. At the moment there are a number of inadequacies including:

- unnecessary compliance costs for lenders and business borrowers in some circumstances - unfairness to consumers under some provisions - difficulties in enforcing the law - its complexity - its fragmentation across a number of statutes, resulting in unnecessary duplications and inconsistencies."

The Ministry of Consumer Affairs will be leading the review of the legislation, focusing on the relevance of existing laws and the scope for simplifying them, ways to strengthen compliance and enforcement, and identifying specific legislative provisions that cause detriment.

Mr McCardle said, "I would like to see consumer credit legislation which requires effective information disclosure. While allowing for innovation, legislation should adequately protect consumers from deception, provide incentives for compliance, and discourage oppressive conduct by lenders.

"I expect there will be widespread interest in this review. The Ministry will seek the views of all interested parties in undertaking it."

The Ministry is releasing the first of a series of discussion papers on the issue, and welcomes submissions. Copies of the discussion document are available from the Ministry of Consumer Affairs, PO Box 1473, Wellington, Phone 04 474 2750, Fax 04 473 9400 or from its website at www.consumer-ministry.govt.nz.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Scoop 3.0: How You Can Help Scoop’s Evolution

Entering into its third decade of operation, the Scoop news ecosystem is set to undergo another phase of transformation and evolution.

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

 
 

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>

ALSO:

Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>

ALSO:

United Future History: "All Good Things Must End"

'We’re extremely proud of what we’ve achieved over the past 15 years, working alongside the government of the day, both National and Labour.' Mr Light told members on Monday. More>>

Gordon Campbell: On The TPP Outcome, And The Hobbit Law

Somehow the Trans Pacific Partnership trade deal has come lurching back from the dead – and as predicted in this column last week, the member countries gathered in Vietnam have announced a deal in broad principle, shunted aside until a later date the stuff on which they don’t agree, and declared victory. More>>

Agreeing To Differ: Greens Maintain Opposition To TPPA
“The Green Party has long opposed the TPPA. The new proposed deal, which came out of the weekend’s talks, still contains key ISDS concessions to corporations that put our democracy at risk, so our position remains the same,” said Green Party trade spokesperson Golriz Ghahraman. More>>

ALSO:

Monitoring Report: A New Chapter For Children’s Rights In New Zealand?

The Children’s Commissioner is calling on the country to embrace children’s rights to ensure their overall well-being. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election