7 May 2012

Consumer affairs minister grilled over draft bill

12:47 pm on 7 May 2012

Consumer Affairs Minister Simon Bridges has faced intense questioning over a proposed law change targeting irresponsible lenders and putting better protection in place for borrowers.

He was at a meeting of community and industry groups in South Auckland on Monday to discuss the draft Credit Contracts and Consumer Finance Amendment Bill.

Mr Bridges told the meeting the law change will remedy the ''evil of loan sharks''.

But during a question session, people challenged him about various aspects of the new law including how it will be enforced and whether it is too vague.

Mr Bridges said he took the feedback onboard and also stressed the majority of lenders are responsible.

He said the bill aims to restore consumer confidence in the finance sector and will unashamedly put consumers first.

Submissions on the bill close at the end of May.