Controller Of Hire Purchase Suggested
(New Zealand Press Association)
WELLINGTON, June 26.
An Australian hire-purchase expert, Dr. N. Runcie, suggested at the Tariff and Development Board inquiry today that consideration might be given to the -establishment of an instalment credit commissioner.
Dr. Runcie said that although the (evel of debt was considerably lower here than in Australia, an institutional development of this kind seemed preferable to the suggestion that the central bank should undertake the administration of terms control.
administration of terms control is a detailed knowledge of individual industries and their credit practices,” he said. -
The proposed commissioner might have powers with respect to the administration of the basic legislation and its provision of consumer, depositor and investor protection: the licensing of finance companies: the collection of statistics with regard to instalment credit: and, by powers of investigation, the supervision of ethical practices in the business. The commissioner would also have control over instalment credit terms where minimum standards are set to maintain credit standards, and which might be tightened as a result of treasury direc, tive. “The greatest need In
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Bibliographic details
Press, Volume CIII, Issue 30478, 27 June 1964, Page 3
Word Count
182Controller Of Hire Purchase Suggested Press, Volume CIII, Issue 30478, 27 June 1964, Page 3
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