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Government must support restrictions on loan shark
Government must support restrictions on loan sharks
The Government needs to take the side of vulnerable consumers rather than dodgy loan sharks when a private members Bill seeking to put controls on fringe lending is voted on in Parliament tomorrow says the finance sector union Finsec.
“If the government votes this Bill down it is denying a public voice to communities who have been devastated by shonky loan shark practices,” said Finsec General Secretary Andrew Casidy.
“This Bill is a response to significant community concern. Denying a select committee hearing on this issue can only mean outrageous loan shark lending practices will continue,” said Casidy.
“The measures proposed in the Bill are reasonable and normal. Japan and many countries in Europe, Africa and South America have interest rate restrictions already. Caps are either being implemented or proposed in most of Australia, Canada, the USA and UK,” said Casidy.
“The government is seeking to deny a proper public debate on how to fix the loan shark industry and protect vulnerable borrowers. Nothing short of a full parliamentary process looking into this Bill will do.”
“National MPs need to stand up for vulnerable low-income borrowers for once. They should vote for this Bill to be sent to the select committee,” said Casidy.
ENDS
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