Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Proposed Law Gives Loan Sharks Free Pass From Government

Monday 8 April 2019

The Government’s proposed law to "crack down" on predatory lending - the Credit Contracts and Consumer Finance Amendment Bill - will give loan sharks a free pass in its current form say budgeting services.

The Bill which is scheduled to have its first reading in Parliament on Wednesday is missing an interest rate cap - the one essential measure for real change says FinCap Chief Executive Tim Barnett.

"We work closely with 200 budgeting services in New Zealand, with international consumer credit experts, and with experts in New Zealand’s consumer credit law. None of them believe the Government’s new law will seriously curtail predatory lending.

"As it stands, the new law is overly complex and full of loopholes and the strong expert consensus is that an interest rate cap is a bottom line to make this legislation work.

"We desperately need this law to properly protect low income New Zealanders. Every day our budget services see families going without basic needs like food or warm clothing, or missing electricity or rent payments. That’s because they are servicing loans with huge interest rates and falling into traps set by predatory loan companies.

"The Government has said it is committed to fixing the growing child poverty problem. That’s just not possible without much better protections for low-income families against predatory lending. An interest rate cap simply must be included in the new law."

FinCap is the umbrella body for New Zealand’s budgeting and financial capability services and is working with a broad coalition of organisations to ask the Government to fix this legislation.

For an FAQ on this issue visit www.fincap.org.nz/loansharks

There is an online petition in partnership with CTU Together at www.together.org.nz/loansharks


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why The Dice Are Loaded Against Women In Public Life

If they enter public life, women can expect a type of intense (and contradictory) scrutiny that is rarely applied to their male counterparts. If they are relatively young and conventionally attractive, such women will tend to be written off as lightweights – yet if they’re older and obviously competent, doubts will then tend to be raised about their “electability” and whether they are “warm” and “likeable” enough to connect with voters. Too conventionally feminine or not conventionally feminine enough? Too cold and too cerebral, or too warm and flighty to be seriously considered for high public office? For women in the public spotlight, the Goldilocks moments (when things are just right) are few and far between. More>>


PGF Kaikōura $10.88M: Boost In Tourism & Business

The Provincial Growth Fund (PGF) is investing $10.88 million to boost business and tourism opportunities in Kaikōura, Parliamentary Undersecretary for Regional Economic Development, Fletcher Tabuteau announced today. More>>


Whitebaiting: Govt Plans To Protect Announced

With several native whitebait species in decline the Minister of Conservation Eugenie Sage has today released proposals to standardise and improve management of whitebait across New Zealand. More>>


Education: Resource For Schools On Climate Change

New resource for schools to increase awareness and understanding of climate change... More>>


In Effect April: New Regulations For Local Medicinal Cannabis

Minister of Health Dr David Clark says new regulations will allow local cultivation and manufacture of medicinal cannabis products that will potentially help ease the pain of thousands of people. More>>


RNZ: New Year Honours: Sporting Greats Among Knights And Dames

Six new knights and dames, including Silver Ferns coach Dame Noeline Taurua and economist Professor Dame Marilyn Waring, have been created in today's New Year's Honours List. The list of 180 recipients - 91 women and 89 men - leans heavily on awards for community service, arts and the media, health and sport.


Gordon Campbell: On What An Inquiry Might Look Like

Presumably, if there is to be a ministerial inquiry (at the very least) into the Whakaari/White Island disaster, it will need to be a joint ministerial inquiry. That’s because the relevant areas of responsibility seem to be so deeply interwoven... More>>






InfoPages News Channels