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Monday, May 28, 2007

Call for review of Fiji's money lending laws

There are calls for a review of Fiji's money lending laws. The call was made by the Fiji Chamber of Commerce after an earlier comment by the Fiji Retailers Association about an increase in businesses resorting to money lenders, who charge astronomically high interest rates, to help with their urgent cash flow needs.

In the meantime, the Consumer Council of Fiji has called for tenders for a study of the effectiveness of the Fiji Money Lenders Act. The tender has closed and the outcome awaited.

The review of the money lenders legislation is aimed at making it more current and in line with developments in technology and the business of money lending.

Earlier, the Fiji Retailers Association said many businesses were going to moneylenders to meet their urgent cash flow needs.

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