In New Zealand, The Credit Contracts Amendment Bill has passed its final reading. It will toughen up consumer credit law, including introducing a 'total cost of credit' cap, which means a borrower will not pay more than 100 per cent of their loan - including interest and fees; a rate cap so that no one will have to pay more than 0.8 per cent in interest and fees per day for a high-cost loan; and new requirements for all lenders designed to ensure borrowers can afford to repay their loans without falling into hardship.