New Measures Implemented to Target High-Cost Lenders, Mobile Traders

  • Jun 06, 2020 NZST
  • Team Kalkine
New Measures Implemented to Target High-Cost Lenders, Mobile Traders

Some new measures came into effect on 1 June 2020, to protect customers who borrow from high-cost lenders and mobile traders. The measures are designed to prevent predatory lending practices that deceive vulnerable consumers in debt and include:

  • capping the interest and fees on high-cost loans to 0.8 per cent per day;
  • requiring mobile traders to comply with responsible lending protections in the Credit Contracts and Consumer Finance Act.

 


Disclaimer
The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. Kalkine does not in any way endorse or recommend individuals, products or services that may be discussed on this site.

 

   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK