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DairyNZ welcomes the Farm Debt Mediation Bill as an example of an initiative that will mean a lot to farmers who may be feeling financial pressure, says chief executive Dr Tim Mackle.
If passed into law, the Bill will require secured creditors to offer mediation to farmers if they default on payments, before taking enforcement action.
The legislation will apply to loans that are secured against farmland, farm machinery, livestock and harvested crops and wool.
The Bill "will certainly mean a lot to farmers who may be feeling financial pressure" and will "create conditions for deeper discussions between the farmer and their ... bankers to take place" Mackle told Rowena Duncum on The Country Early Edition.