Loan Shark Bill Passes Into Law

by Desk Editor on Tuesday, May 27, 2014 — 8:54 PM

A law clamping down on loan sharks has passed into law with only NZ First opposed.

The third reading of the Credit Contracts and Financial Services Law Reform Bill divided into two bills – the Credit Contracts and Consumer Finance Amendment Bill and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill was completed by 113 to 7 with NZ First opposed.

The bill brings in tighter controls of third tier lenders and while it was supported, opposition parties were unhappy it did not bring in interest rate caps. NZ First indicated this was the reason it did not support the bill

MPs began debating the third reading of the Victims of Crime Reform Bill divided into four bills. These passed on a voice vote and the House rose at 10pm.
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