/Tag:Consumer Credit

Final Guidelines on Consumer Credit Fees

On 30 June 2017 the New Zealand Commerce Commission (NZCC) released its final guidelines on credit fees. The updates to the previous draft guidelines (released in September 2016) provide lenders with guidance on assessing the reasonableness of credit fees under the Credit Contracts and Consumer Finance Act 2003 (CCCFA).  The guidelines also emphasise conclusions drawn [...]

August 4th, 2017|Categories: Legal Developments|Tags: , , , |

Tougher consumer credit laws

Following the August 2011 financial summit, the Government has now approved a range of consumer credit laws that are designed to protect financially vulnerable consumers from loan sharks. The Consumer Contracts and Consumer Finance Act 2003 will be strengthened by including new responsible lending requirements where the borrower must be reasonably expected to repay the [...]

April 1st, 2012|Categories: Legal Developments|Tags: |

Improvement in credit reporting laws

On 1st April 2012, new credit reporting laws come into effect which not only give credit providers more access to an individuals credit records, but will also strengthen protection for consumers against identity fraud. Reporting laws will shift from a “negative” system, which recorded only defaults and bankruptcies, to a “positive” system where records of [...]

April 1st, 2012|Categories: Legal Developments|Tags: |