Select Committee may look at CCCFA next month

The law which came into effect on December 1 has been widely criticised for making it far harder for many people to get a loan even if they have a good record, and for swamping brokers with layers of expensive paperwork.

In a startling comment a few days ago, the Act Party leader David Seymour said the Act was not properly understood by politicians when it went through Parliament.

He was a member of the Finance and Expenditure Committee which shepherded the law through the House.

But he says debate at the time was focussed on predatory lenders and vulnerable borrowers.