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


Community expects cooperation on loan sharks

Carol Beaumont
Consumer Affairs Spokesperson

10 August 2011

Community expects cooperation on loan sharks

On the eve of the third summit in five years on predatory lending, an attempt today to show bipartisan commitment to definitive action was rebuffed in Parliament, says Labour’s spokesperson for Consumer Affairs Carol Beaumont.

“National is more concerned with political one-upmanship on this issue than combatting the adverse effects loan sharks have in our community,” Carol Beaumont said.

“This afternoon in Parliament I sought to have both my Responsible Lending Bill and National MP Peseta Sam Lotu-Iiga’s Money Lenders Bill referred to select committee for scrutiny and public submission. This move was denied.

“Advancing both bills, one addressing interest rate caps and responsible lending, and the other providing for matters like registration and new offences, to select committee would have demonstrated a commitment from the Government to bipartisan progress on the condemnation of loan sharks and their exploitation of our most vulnerable communities.

“The Government again mistakes motion for movement on this issue. Allowing both Bills to progress to select committee would have shown those participating in the Financial Summit held in Auckland tomorrow a real commitment to the fight against predatory lending.

“The community, irrespective of political persuasion, want to see a clamp down on predatory lending. Advancing this legislation would in no way preclude other forms of action arising from the Summit or the revival of the long delayed review of the Credit Contracts and Consumer Finance Act. It simply represents another missed opportunity.

“The Stop Loan Shark campaign I launched early last year has put real scrutiny on the issue of predatory lending. While legislation could already be in place had the government not pre-emptively defeated my Members Bill last year, tomorrow’s summit shows the Government is feeling pressure from the community that action is urgently needed.

“I sincerely hope that real action, including legislation that deals with issues like excessive interest rates, is the outcome of tomorrow’s Summit.

“Labour will cooperate to progress any actions that will rein in loan sharks. Vulnerable consumers have waited long enough,” Carol Beaumont said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Geo-political Posturing Over China’s Cyber Hacks, Plus The Weekly Playlist

The timing was one of the weirder aspects of this week’s cyber condemnation of China by the West. Why was this piece of political theatre being staged now? China (and Russia’s) sponsoring and/or condoning of semi-state and criminal hacker groups has been known about for nigh on a decade. More particularly, Microsoft had been alerted to the flaws in its Microsoft Exchange... More>>


Government: Quarantine Free Travel With Australia Suspended

Quarantine Free Travel from all Australian states and territories to New Zealand is being suspended as the Covid situation there worsens, Prime Minister Jacinda Ardern and COVID-19 Response Minister Chris Hipkins announced today... More>>


Government: New Zealand Condemns Malicious Cyber Activity By Chinese State-sponsored Actors

New Zealand has established links between Chinese state-sponsored actors known as Advanced Persistent Threat 40 (APT40) and malicious cyber activity in New Zealand. “The GCSB has worked through a robust technical attribution process in relation to this activity. New Zealand is today joining other countries in strongly condemning this malicious activity... More>>


Government: Commits $600,000 To Flood Recovery

The Government is contributing $600,000 to help residents affected by the weekend’s violent weather with recovery efforts. Acting Minister for Emergency Management Kris Faafoi and Agriculture Minister Damien O’Connor have been in the Buller district this afternoon to assess flood damage and support the local response effort... More>>


NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>

Social Development: Government Initiatives Contribute To Fall In Benefit Numbers

Minister for Social Development Carmel Sepuloni has welcomed the release of the June quarter Benefit Statistics which show a continuing fall in the number of people receiving a Main Benefit... More>>




InfoPages News Channels