All lenders of consumer credit in New Zealand need to review and update documentation and procedures by 1 June 2020.
This act introduces some significant changes which will affect all lenders providing consumer credit in New Zealand.
The Minister hopes that the Code will achieve the right balance between consumer protection and industry flexibility.
A draft Responsible Lending Code has been released for comment, by the Ministry of Business, Innovation and Employment.
Stronger consumer credit protections are proposed in the new Credit Contracts and Financial Services Law Reform Bill.
Gym membership contracts may be breaching the Credit Contracts and Consumer Finance Act 2003
Have you ever applied for credit, whether that credit is in the form of a loan, a credit card or even a hire purchase agreement? Or are you in the business of providing credit? If so, the new Credit Reporting Privacy Code will affect you.