Kaikoura MP Stuart Smith has introduced a new bill to bring regulations governing credit unions into the 21st century, amending old legislation he says is unfit for purpose.

The Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill was introduced in the House on April 13, to amend existing legislation introduced in 1982.

“This will make a difference to anyone who’s a member of a friendly society or a credit union. It’ll bring their organisation up to modern standards,” Smith said.

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