Hon Dr DAVID CLARK: I do want to acknowledge the work that my predecessor, Minister Faafoi, did to take the bite out of loan sharks by making changes to the credit contracts legislation, which put a cap on interest rates, a cost-of-credit cap on high-cost loans, and made sure that mobile traders comply with responsible lending rules. This is the next step, which creates specific requirements for all lenders. Before approving a loan, lenders must make consistent inquiries now about the borrower's needs and objectives to help ensure the credit product is suitable, and they also need to verify the borrower's income and expenses, to be satisfied that the repayments are unlikely to put the borrower into significant hardship.