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National plans loan shark clampdownPosted on: 10th November 2011 By Anita
From the NZ Herald, November 6th 2011.
National will change the law to clamp down on dodgy loans by forcing lenders not to give loans to people who would face significant hardship in repaying them.
A proposed change to consumer credit laws would set up a code of ethical lending, and require lenders to be open and transparent with borrowers. Any lenders who breached the code, such as by charging exorbitant interest, would be struck off if they did not heed warnings.
Mr Key said it would undoubtedly put some money lenders out of business. About one third of current lenders would not comply, and although some could clean up their game others would be forced out.
Mr Key said they were preying on the vulnerable. Click to read the full article