Prime Willow-JeanWILLOW-JEAN PRIME (Labour): Thank you Madam Assistant Speaker. I am really happy to take a short call on the first reading of this bill. I want to commend the Minister and this Government for undertaking a review and introducing new legislation to address some of those issues that we've heard spoken about by speakers prior to me today that have been unresolved even though this legislation went through an amendment just a few years prior. It has come out as part of the review that further work needs to be done.I am all too familiar with these shop trucks. I'm from Northland where it is a familiar sight in the streets of Moerewa and Kaikohe to see these trucks often selling things like labelled clothing you know to people—on my own street growing up in Leaity Street I saw the truck down that street. We couldn't afford it in our household I knew they couldn't afford it in their households but these trucks were there selling labelled clothing to families who just simply could not have afforded that clothing. Northland has one of the lowest average incomes in the country and like I said it was an all too familiar sight these mobile trucks but also some of the financing companies on the main streets of Kaikohe and Kaitāia.I am really pleased about the cap that is being introduced but probably more importantly it is about the tests and measures that are going to be put in place around whether the loan is affordable or suitable. I know of examples from my community young people who got into debt and spent the next 10 years of their lives paying off cars that they could not have afforded. Now if they were to go to the bank and they went through their lending criteria they simply would not have been given the money. They would not have spent the next 10 years trapped paying off the debt and the huge amount of interest that had been charged on a car that really they could not afford and should not have been able to get the money to buy it in the first place at such a young age. So the measures that are being proposed here I believe will make a real difference to situations like that that I have witnessed firsthand.So to address that there are three measures. One is the minimum requirements for affordability and suitability tests. And second the bill will remove the presumption that a lender can rely on what the borrower is telling them unless they have reasonable grounds to believe the information is not reliable. In this case they're going to have to obtain verification of primary income and fixed financial commitments like rent or other debts. And thirdly the lenders will be required to keep records that demonstrate their loans are affordable and suitable and their fees are reasonable and cost-based.This is actually the biggest issue that we have around the affordability of the loans. Unaffordable or unsuitable loans are the biggest source of harm to borrowers. So I really commend the Minister for introducing this legislation. I am a member of the Finance and Expenditure Committee so I look forward to this bill coming before us and to hearing submissions from a wide range of views with a view to making this the best legislation possible. Thank you.