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

Gordon Campbell: On Allegations Of Left Wing Media Bias

“Left wing bias” accusations date back at least to the mid 1990s, when complaints were commonly being levelled at RNZ’s Morning Report programme, largely by National MPs discomfited by being interviewed by Kim Hill.

The charge of left wing bias was ridiculous then, and is ridiculous now. More>>

 
 

Next Wave Of Reforms: Gun Registration And Licensing Changes Announced

“The Bill includes a register to track firearms and new offences and penalties that can be applied extraterritorially for illegal manufacture, trafficking, and for falsifying, removing, or altering markings – which are a new requirement under the Firearms Protocol.” More>>

ALSO:

Gordon Campbell: On Labour’s Mishandling Of The Alleged Sexual Assault

The focus of Labour’s alleged sexual assault scandal has now shifted from the party organisation to the Beehive... This is now a crisis of Beehive management and response, not something occurring at a distance within the party organisation. More>>

ALSO:

'History Rectified': Rua Kēnana To Be Pardoned

An official pardon for Tūhoe prophet and leader Rua Kēnana is one step closer after the Te Pire kia Unuhia te Hara kai Runga i a Rua Kēnana: Rua Kēnana Pardon Bill was read in Parliament for the first time today. More>>

ALSO:

Mental Health: Initial Mental Health And Wellbeing Commission Appointed

The Government has announced details of the initial Mental Health and Wellbeing Commission which will play a key role in driving better mental health in New Zealand. More>>

ALSO:

people outside the meeting house at WaitangiEducation: NZ History To Be Taught In All Schools

“We have listened carefully to the growing calls from New Zealanders to know more about our own history and identity. With this in mind it makes sense for the National Curriculum to make clear the expectation that our history is part of the local curriculum and marau ā kura in every school and kura,” Jacinda Ardern said. More>>

ALSO:

Sexual Assault Claims Mishandled: Labour Party President Resigns

Jacinda Ardern: “This morning I was provided some of the correspondence from complainants written to the party several months ago. It confirms that the allegations made were extremely serious, that the process caused complainants additional distress, and that ultimately, in my view, the party was never equipped to appropriately deal with the issue…" More>>

ALSO:

Budget Process: Wellbeing To Be Enshrined In Law

Legislation has been introduced in Parliament to ensure every Government considers the wellbeing of New Zealanders when creating future budgets. More>>

National In China: Bridges Praises CCP, Meets Law Enforcement Head

A recent trip to China has raised questions over who the Opposition leader Simon Bridges met with and why... Anne-Marie Brady, a Canterbury University professor and expert on Chinese politics, has described Guo Shengkun as the leader of the Chinese secret police. More>>

ALSO:

Gordon Campbell: On The SIS/GCSB’s Compliance With Torture

Torture is a crime under international law. New Zealand has signed (a) the UN convention against torture and (b) formal agreements about how armed conflict should be conducted. That’s the legal backdrop to the fascinating report released this week by the SIS Inspector-General.

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels