Legislation to tackle underhand lending practices
Newly introduced Government legislation will provide better protection to families and borrowers who have been unfairly treated by unscrupulous loan lenders.
A revision to certain aspects of the consumer credit act will provide law enforcers with more scope to tackle any lending institution or outfit which sees fit to operate outside of legal boundaries or employs the use of heavy handed, threatening tactics to recoup payments.
The legislation is also expected to help authorities better identify and “draw out” loan sharks, as well as providing victims of black market lending with a greater incentive to come forward and report any underhanded conduct.
Commenting on the news one expert stated that new laws would help to clean up and streamline non-mainstream lending practices, which would in turn create a far more positive borrowing experience for all consumers. It would also help to eradicate those practices who feign compliance with the credit acts, when there conduct is, in reality, no better than that of a black market operation.
