Loan shark bill progresses

Last updated 12:58 11/04/2014

Relevant offers

Politics

Final leaders' debate chaotic, messy and loud Take your pick - lamb chops or steak Winston grinning at the sidelines Key's days are numbered - Hager Entrepreneurs nervous about election Billboards can stay - this time The haves and have nots - a tale of two streets Politicians, here's what matters to a Kiwi Hone Harawira accuses Maori Party of sabotage Greens spoof Nats' dirty river row

A bill aimed at cracking down on loan sharks and protecting vulnerable consumers has passed its second reading in Parliament.

The Credit Contracts and Financial Services Law Reform Bill, which has cross-party support, puts the onus on lenders to make sure borrowers can meet repayments.

It also improves the disclosure of fees and interest rates, but has been criticised for stopping short of introducing a cap on maximum interest rates.

Short-term "payday" lenders typically charge weekly interest rates that can work out to be as high as 400 per cent on an annual basis.

Ad Feedback

- Stuff

Special offers
Opinion poll

What do you think of claims Kiwis have been misled about mass surveillance?

This is an attack on our privacy

I don't believe it

In this age of terrorism it's an unfortunate necessity

Vote Result

Related story: US spy base in NZ?

Featured Promotions

Sponsored Content