Parliament

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

 

Loan shark crack-down continues

HON CRAIG FOSS

Minister of Consumer Affairs

17 March 2014 Media Statement
Loan shark crack-down continues

Commerce Minister Craig Foss has welcomed the Commerce Select Committee report on a Bill that will crack-down on unscrupulous lenders who leave borrowers and their families in a spiral of uncontrolled debt.

“Proposed changes under the Credit Contracts and Financial Services Reform Bill will help to increase confidence in the role consumer credit plays in our financial markets, which is a major component of the Government’s Business Growth Agenda,” says Mr Foss.

“We are improving protections for borrowers by promoting responsible lending practices without imposing unnecessary compliance costs on lenders who already have good systems in place.

“We are targeting unscrupulous lenders by ensuring consumers are given the information they need to make informed decisions and boosting enforcement powers and penalties to crackdown on those lenders who breach the law. I would also like to take this opportunity to thank the Committee for its contribution towards the development of this important Bill,” says Mr Foss.

The Select Committee’s changes include:

• Clarifying the status of the Responsible Lending Code that will set out the best practice guidance for responsible lending.

• Positive improvements to the credit repossession rules in the Bill that will increase the protection for consumers from unfair repossession practice.

• Amending the continuous disclosure regime to require a minimum repayment warning on all credit card statements.

• Significantly increasing penalties for creditors that breach credit laws to maximum fines of $200,000 for individuals and $600,000 for companies.

For more information, visit www.parliament.nz/en-nz/pb/legislation/bills/00DBHOH_BILL12096_1/credit-contracts-and-financial-services-law-reform-bill


ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Whakaari / White Island Eruption: Body recovery operation

The NZ Defence Force recovered the bodies of six people who tragically died in Monday’s eruption on Whakaari/White Island and will support efforts to recover the bodies of two others in the hope there is resolution for those families. .. More>>

 
 

Gordon Campbell: On Welfare Vs Infrastructure Spending

If New Zealand has a pressing need to stimulate its flagging economy, it seems very weird that the government is choosing a $12 billion package of infrastructure spending – mainly on road and rail – that by definition, will take a very long time to deliver their stimulatory benefits ... More>>

New Reports: "Immediate Commitment To Doing Justice Differently"

Justice Minister Andrew Little released two reports today, Turuki! Turuki! from Te Uepū Hāpai I te Ora, and Te Tangi o te Manawanui: Recommendations for Reform from the Chief Victims Advisor. Both recommend a fresh approach to the way criminal justice has been approached... More>>

ALSO:

"Heart-Breaking And Confronting": Surgical Mesh Restorative Justice Report

Minister Genter: “People have talked about losing the life they had enjoyed before surgical mesh harmed them – the loss of a steady job, the ability to exercise, a loving relationship in some cases. Others described the chronic pain they experienced..." More>>

ALSO:

Law Foundation: Government Decryption Powers Must Respect Privacy

The power of government to order users and companies to decrypt encrypted data and devices needs stronger privacy protections and additional safeguards, according to a study published by researchers at the University of Waikato. More>>

Latest 'Discussion Doc': National On Healthcare

National has today released our eighth Discussion Document which focusses on health and outlines a range of policies which will enable more Kiwis to access high-quality healthcare, Leader of the Opposition Simon Bridges says. More>>

ALSO:

Select Committee Report: Combatting Foreign Election Interference

MPs have finally delivered their recommendations to combat foreign interference in elections in a long awaited and much delayed report. More>>

Mosque Attacks: Names Of Arresting Officers Released

Police are now in the position to name the two officers involved in the arrest of the alleged gunman responsible for the attacks on the Al Noor and Linwood Mosques on March 15. More>>

Big, Bold, Permanent Change Needed: Children's Commissioner On 2019 Child Poverty Monitor

“I want to see family incomes dramatically raised by increasing benefits and making the minimum wage a living wage. And the Government needs to move much faster at increasing the supply of social housing..." More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels