Loan shark bill killed at first reading

ONE News July 21, 2010

The government has killed a bill that would have regulated loan sharks and capped the interest rates they charge. Labour MP Carol Beaumont’s Credit Reforms (Responsible Lending) Bill was voted down 63-59 in Parliament tonight, with National and ACT opposing it. Labour, the Greens, the Maori Party, United Future and the Progressive Party supported the bill.