Loan shark bill progresses

Last updated 12:58 11/04/2014

Relevant offers

Politics

Labour leader Andrew Little to run the reception desk at Wellington school Locals keen on new Kapiti expressway interchange to stop dangerous u-turns Trump's tax plans part of the race to the bottom by big countries - expert Jo Moir: Uphill climb ahead for Nikki Kaye to 'modernise' education without spooking the country Nadine Higgins: Are you left, right, or just left out? New Zealand considers purchasing new Boeing military aircraft from US Mike O'Donnell: $53m taxpayer investment in Dubai expo worth every penny Duncan Garner: Packed to the rafters, an expensive addiction to immigration Poll numbers and record immigration election-year music to Peters' ears The year of the door-knock: Duncan Webb's tilt at Christchurch Central

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