News | Politics
24 Mar 2018 17:12
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Politics

    Loan sharks still preying on Kiwis

    Loan sharks are still preying on vulnerable New Zealanders and more needs to be done to control them, says Commerce and Consumer Affairs Minister Kris Faafoi.

    Loan sharks are still preying on vulnerable New Zealanders and the rules need to be tightened, says Commerce and Consumer Affairs Minister Kris Faafoi.

    The minister says research by MBIE has "confirmed his fears" and legislation is likely.

    "People are being provided loans they are not going to be able to pay back, and are drawn into situations where the cost of the resulting debt is many times the original due to interest rates and penalty charges," he said.

    "We need to act to protect people from the appalling burden these debts can create."

    The rules around lending were strengthened in 2015 but didn't go far enough, Mr Faafoi said.

    "The research is part of a review of consumer finance legislation regulation and is likely to lead to new legislation."

    Mr Faafoi is going to release a discussion paper on proposed solutions around mid-year.

    It's likely to consult on options for interest rate caps, improved compliance and lender responsibilities.


    © 2018 NZN, NZCity

     Other Politics News
     24 Mar: Fiji monument remembers flying boats
     23 Mar: Shane Jones knows exactly what he's doing
     23 Mar: Another minister criticises Air NZ
     22 Mar: Opposition push for new inquiry into Victorian Labor election staff scandal
     21 Mar: Drug law change bill passes first reading
     21 Mar: Jones' wings clipped over Air NZ comments
     21 Mar: Barack Obama arrives in New Zealand
     Top Stories

    Rebels won't change in face of Hurricanes More...

    Lance O'Sullivan calls for pokies ban More...

     Today's News

    Accident and Emergency:
    Tributes flow for Queenstown rafting guide 16:55

    Rugby League:
    Panther halfback Cleary out for 10 weeks 16:55

    Matt Bomer says the secret to a successful relationship is taking it "one day at a time" 16:45

    John Krasinski and Emily Blunt are each other's number one fans 16:15

    Law and Order:
    Chief justice responds to harass survey 16:15

    Rugby League:
    NRL refs boss Sutton admits error: report 16:15

    Kevin Hart wants to be a billionaire by the time he's 45 15:45

    Rugby League:
    Pearce prepares for Roosters return 15:25

    Wendy Williams' husband was there with her "every step" of the way during her health battle 15:15

    Rebels won't change in face of Hurricanes 14:55

     News Search

    Power Search

    © 2018 New Zealand City Ltd