Source: ACT Party
“Kiwis trying to access credit will be treated like adults again with the delivery of an ACT coalition commitment this week,” says ACT Commerce and Consumer Affairs spokesperson Dr Parmjeet Parmar.
“Too many Kiwis have been treated like children when trying to take out a loan. Rules introduced by Labour have led lenders to comb through borrowers’ bank statements and grill families on minor purchases.
“ACT campaigned on winding back the intrusive rules that added cost and stress to the process of getting a loan. In our coalition agreement with National, we secured a commitment to rewrite the Credit Contracts and Consumer Finance Act 2003 to protect vulnerable consumers without unnecessarily limiting access to credit.
“From tomorrow, borrowers will face eleven fewer pages of regulation under the Credit Contracts and Consumer Finance Act. This means it will be easier for Kiwis to access the credit they need to purchase a home or a car, or to invest in a business and get ahead in life.
“ACT believes in treating adults like adults. It’s in no one’s interests to lend money to someone who can’t afford to pay it back, so we’re removing barriers to lenders and borrowers hashing out a mutually-beneficial loan agreement.”
