6 Nov 2012

Govt urged to act faster against loan sharks

7:27 am on 6 November 2012

The Government is being urged to act faster to curb loan sharks.

The Credit Contracts and Consumer Finance Bill was due in Parliament last monthbut this will now be early next year.

FIRST Union says the delay is a big worry because the economic slump is forcing more people to turn to loan sharks.

A policy researcher for the Salvation Army says a law change is needed urgently to protect victims of dodgy lenders.

The Minister of Consumer Affairs says the delay is to allow an Act covering repossession agents to be merged into the draft bill.