Hon Trevor Mallard, in Committee, to move the following amendment:
Clause 4
Clause 4 is amended by adding the following new section after new section 45F (after line 13 on page 5):
“45G Commissioner must advise borrowers to seek financial advice
The Commissioner must, in all material that provides information about repayment bonuses and that is made available to all borrowers, include a statement to the effect that borrowers are advised to seek appropriate financial advice before making excess repayments in order to obtain a 10% bonus.”
Explanatory note
The amendment to clause 4 to insert a new section 45G introduces a requirement that the Commissioner of Inland Revenue must, in all material that provides information about repayment bonuses and that is made available to all borrowers, include a statement to the effect that borrowers are advised to seek appropriate financial advice before making excess repayments in order to obtain a 10% bonus.