12 Aug 2004

American Samoa lawmaker urges input on bank bill

10:32 am on 12 August 2004

The Chairman of the House Ways and Means Committee in American Samoa, Faaua Elisara, is urging people to air their views known on a bill to allow commercial banks to raise interest rates for unsecured loans.

The committee is calling a public hearing on the bill today in the House chamber.

ANZ Amerika Samoa Bank and Bank of Hawaii have said that the proposed bill would enable them to provide expedited access to loans of between US$500 and US$5000.

The bill allows the banks to set an interest rate of up to 24 per cent.