Loan shark bill progresses

Last updated 12:58 11/04/2014

Relevant offers

Politics

Oscar Kightley: Why Bill English is as nimble as a Team New Zealand yacht Election 2017: A politician at my table Kiwifruit growers ready themselves for courtroom showdown with Government Politicians turn to books, knitting and horses to bring in the votes Jonathan Milne: Stay away from my burger – the ban on medium-rare meat takes government intrusion too far Stacey Kirk: Self-inflicted body-blows is National's biggest threat in an election-year Nadine Higgins: How young is too young when it comes to politics? Searching for Todd Barclay's people deep in the murky heart of Clutha-Southland Bill English could soon Snapchat you a spaghetti pizza selfie 'Deeply implicated', Winston Peters calls for Bill English to quit

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

Should the speed limit be raised to 110kmh on some roads?

Yes

No

Vote Result

Related story: 110kmh limit moves closer

Featured Promotions

Sponsored Content