Point of Order: Buzz from the Beehive - 30/7/24

Scrapping of 11 pages of lending regulations will make it easier for people to borrow money

When the Government’s declared its intention to reform the Credit Contracts and Consumer Finance Act (CCCFA), the providers of financial mentoring services expressed concerns that vulnerable borrowers could be exposed to loan-sharks and more debt.

The CCCFA was designed to protect people from taking out loans they could not afford.

Point of Order: A bit of regulatory tidy-up.....

.......here’s hoping they get things right this time with the latest changes to borrowing rules

The Credit Contracts and Consumer Finance Act again has been mentioned in despatches from the Beehive: this time Commerce and Consumer Affairs Minister Duncan Webb has announced changes to come into force next month, “improving safe access to credit for Kiwis”.

These changes suggest they didn’t get things right when the previous changes took effect less than 18 months ago.

The press statement affirms this: