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Predatory credit company proposals welcomed
23rd June 2011
The Working Women's Resource Centre
Predatory credit company proposals welcomed
welcomes the Government's proposals to tackle credit companies that prey on unwary consumers and Minister Simon Power's statement that "The preying on of vulnerable people by loan sharks has to stop." The National Government must act now to curb loan sharks and Sam Lotu Iiga's Moneylenders (licensing and regulation) Bill 2011 will make a start.
However had the Credit Reforms (Responsible Lending) Bill brought to the house in May 2010 by MP Carol Beaumont been agreed and enacted the misery loan sharks continue to inflict on vulnerable and desperate people would have been curbed much earlier. The newest usurious "text up a loan at a crippling interest rate" scheme is in nobody's interest except that of the lender. Usury destroys families Rosand eats away at society.
What a shame that National MP Sam Lotu-Iiga had not taken a bi-partisan approach and supported Carol Beaumont's bill last year. Instead he voted against it, waited a year and then basically put forward the same bill under his own name.
ends
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