A bill seeking to set caps on high interest rates is set for its first hearing in the New Zealand parliament later today but lack of support would mean the bill may be voted down in the first instance.The Credit Reforms (Responsible Lending Bill) is being launched by Labour MP Carol Beaumont, who first began campaigning against loan sharks in March."It is no secret that some loan sharks lend out money at obscene rates, without checking to see whether the borrower will be able to meet the repayment requirements," said Beaumont.Beaumont has support from various quarters but is believed to lack the backing of National and ACT MPs. Finsec issued a statement in support of the bill saying it is important the bill gets a select committee hearing to ensure outrageous loan shark lending practices can be curbed.