Parliament

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

 

Greater protection for consumers in new law

7 October 2003
Media Statement

Greater protection for consumers in new legislation


The Credit Contracts and Consumer Finance Bill passed by Parliament today replaces outdated credit law with strong, innovative legislation to better protect New Zealand consumers, says Consumer Affairs Minister Judith Tizard.

“This legislation provides greater protection for consumers in relation to credit contracts, consumer leases and buy-back transactions,” said Judith Tizard.

“Buy-back schemes are a particular focus of the legislation. This government is committed to stamping out these schemes which have resulted in many innocent homeowners losing their homes through the actions of unscrupulous creditors.”

Judith Tizard said tough penalties and new disclosure requirements will create a disincentive for operators to continue running these schemes. These measures will protect consumers against further losses from buy-back schemes as well as providing remedies for those already involved in such schemes.

“This legislation improves the information disclosure requirements for all consumer credit transactions so that consumers will receive meaningful information about the cost and terms of credit. This will enable consumers to make informed decisions when entering into and during the course of, financial transactions.

“Fair and flexible rules relating to fees and interest charges will protect consumers from unreasonable charges.

“Creditors who flout the law and exploit consumers face increased penalties and the prospect of rigorous enforcement. The new Act empowers the Commerce Commission to take action in response to breaches of the law.”

Judith Tizard said as well as benefiting consumers, the legislation also meets the needs of creditors by simplifying the law and some administrative requirements, as well as reducing compliance costs for providers and borrowers of commercial credit.

“This is good law for consumers and creditors. It is the final plank in a raft of consumer protection legislation that I have steered through the House this year. I am confident that it will improve consumer protection and enhance the consumer finance market and I’m proud to be part of a Labour-Progressive Government showing leadership in this area.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Tourism’s Endless Sense Of Grievance

Sad that a once in a century pandemic should have come along before the government had a clearly thought out plan for rescuing all the firms and saving all the jobs in the tourism sector. Sad that the government now looks like it was making up the criteria for support as it went along. But guess what? To some extent, they were. Possibly because in the modern era, a pandemic had never before caused international travel to evaporate almost overnight... More>>

 

PREFU: Economy Doing Better Than Forecast

The Pre-election Economic and Fiscal Update released today shows that the near-term economic recovery has been stronger than the Treasury and many economists predicted at the May Budget, as the economy bounced back strongly out of lockdown... More>>

ALSO:


PM Statement: Cabinet COVID-19 Alert Level Review

Takiri mai te ata, ka ao, ka ao, ka awatea, tihei mauriora! Tātou katoa ngā iwi o Aotearoa, tēnā koutou! Tēnā tātou e whakanuia ana i te wiki nei, te wiki o te reo Māori Greeting to you all from Otepoti, Dunedin. This week is the Māori ... More>>

ALSO:

Greens: $297m Fund To Support Sustainable Food And Farming

The Green Party has released its Farming for the Future Plan, including a $297m fund to support farmers and growers to transition to climate-friendly practices. The plan will: · Improve how we look after our land and water, with a levy on the ... More>>

ALSO:

National: Plan To Restore NZ’s Prosperity

National’s Economic and Fiscal Plan carefully balances the need to invest in infrastructure and core public services while also reducing tax pressure on Kiwi families and businesses. National Leader Judith Collins and Finance spokesperson Paul Goldsmith unveiled National’s ... More>>

ALSO:

NZ First: Party List

New Zealand First has a proven twenty-seven-year history of bringing balance and common sense to our government. Amid the continued setbacks of COVID-19 restrictions, New Zealand First has once again sustained its profile by selecting a strong team ... More>>

Election: Arriving Travellers In Isolation To Be Able To Vote By Telephone

Up to 5,000 people in managed isolation or quarantine will be able to vote by telephone in the general election and referendums after an amendment to electoral regulations last week. Chief Electoral Officer Alicia Wright says the Electoral Commission sought ... More>>

National: Investing In Our Children’s Future

A National Government will prioritise lifting achievement for all New Zealand children, no matter their background or ability, National Party Leader Judith Collins and National’s Education spokesperson Nicola Willis say. “Parents just want what’s best for ... More>>

Police: Numerous Arrests Following Investigation Into Historical Offending At Auckland School

Detective Senior Sergeant Geoff Baber, Auckland City Police: Police have made six arrests as part of an operation investigating historical offending at Dilworth School. Auckland City Criminal Investigation Branch have been investigating since a complaint ... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels