Tonight I gave the final speech on the third reading of the Credit Contracts and Consumer Finance Amendment Bill. The Bill will make it difficult to lend to vulnerable people by protecting the interests of borrowers. It also requires lenders to act responsibly and provide better disclosure of loan terms. Loan sharks are taking advantage of people who are unable to repay loans on monies advanced. As a result it creates misery and hardship and a vicious cycle of debt and poverty. I have seen this first-hand in my own communities of Maungakiekie. After widespread public consultation I am confident this Bill reflects the wider community’s aspirations. I championed the issue of responsible money lending with my comprehensive Member’s Bill. The loan sharks bill reflects the provisions in my Member’s Bill around licensing of repossession agents and employees, as well as limiting the assets which may be repossessed. It is an issue I am extremely passionate about and this Bill will positively impact the lives of vulnerable New Zealanders. It is one of the proudest days of my parliamentary career to see this bill passed.
Posted on: Tue, 27 May 2014 10:40:54 +0000
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