asked the Minister for Industry and Commerce if regular surveys are conducted to ensure that hire purchase lending rates are kept within the upper statutory limits; and if he is satisfied that present rates are not exorbitant.
Ceisteanna—Questions. Oral Answers. - Hire Purchase Lending Rates.
41.
No statutory limits on hire purchase lending rates have been prescribed under the Hire Purchase Acts, 1946 and 1960, and, accordingly, the first part of the question does not arise. The number of complaints reaching me about the level of hire purchase rates is very small; there have been two in the past 12 months.
Is the Minister aware that people who are being charged excessively high hire purchase lending rates are not aware of the fact that they can complain to the Department? If people did make complaints, what could be done about it?
If there were a substantial volume of complaints which appeared to be justified, I would then consider taking action. It does not appear from the information available to me at the moment that the volume of complaint is anything like sufficient to justify that, having regard to the fact that any action taken would be difficult and complicated because of the wide range of goods covered by hire purchase, and the different circumstances which arise in connection with different hire purchase transactions.
Is the Minister aware that the people involved are not aware of the fact that they can complain to the Department when they are charged excessively high hire purchase lending rates?
I do not know whether that is so.