McKelvie IanIAN McKELVIE (National—Rangitīkei): Thank you Mr Speaker. I'll take a brief call on the Credit Contracts Legislation Amendment Bill. It's a very interesting piece of legislation this because on the face of it it looks like it's dealing with some terrible problem we've got—and to some extent it is—but also what really interests me about the submission process was it's not necessarily all bad. Some of the short-term loans that this deals with are actually very necessary for families to deal with issues that in fact are very short term—nonetheless quite expensive.I also had this view of I suppose what we'd call the trucks that go around New Zealand or vans that go around New Zealand hawking stuff off. When I was a young fella living down a no-exit metal road we used to have the same thing but it was the butcher bringing a bit of bacon down the road and the milkman bringing the bread and the milk and the whatever down the road and they sent a bill at the end of the month generally and they got paid. It's a very different environment we live in today and that's an issue that this bill sought to deal with. Frankly I think there certainly are some interesting practices with respect to the way that these loans are put out there and this bill I think has managed that through a cap that we don't necessarily support although I think there's some merit in it and also through regulating and managing the fees that are able to be charged on these loans. So that's pretty good.Just getting back to the direct sales people you don't see them going down the no-exit metal roads any more; you see them going down the streets in town where people can ill afford to use the services they provide at extortionate rates. This bill has moved to get some influence in that area and to put some controls on it and I think it's a very worthwhile piece of legislation from that perspective.The select committee process was quite interesting because as our chair mentioned David Seymour decided to get a loan halfway through the select committee process and by the end of the first select committee meeting I think he had about 300 or 400 offers. So it's pretty easy to get a loan out there and that was the point that was made. And it's also pretty easy to get a loan without any proof of the fact that you can repay it and I think that one of the challenges we face in New Zealand one of the challenges we face in the world is that not everyone is born or has the ability to attain equal financial literacy. So some of these things become very challenging and that's what causes Governments to need to legislate and regulate in those fields.So I'm not going to say much more about this bill. I think it is a good piece of legislation. As I said we were challenged to some extent by the cap not so much because we don't like the idea of a cap but because one or two of the submitters pointed out that the cap can then have an impact on the ability of people who desperately need some short-term money. It might only be for a month to get that money and move on. I don't necessarily agree with that because I do think that there's the ability for them to do that under this bill's current situation. So I commend it to the House. I think it's a very good piece of legislation.