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The CCCFA improves the information
disclosure requirements for consumer credit transactions and
regulates methods of interest charging, fees and payments. It also
regulates consumer leases and allows for changes to the terms of
contracts on the basis of hardship to a consumer. The CCCFA provides
for the reopening of oppressive credit contracts, penalties if the
Act is breached, and an enforcement role for the Commerce
Commission.
The CCCFA also regulates home buy-back transactions by providing
disclosure requirements on operators, restrictions on the fees
payable by occupiers and tough penalties for breaches. The home
buy-back schemes provisions of the CCCFA took effect on 14 October
2003 (CCCFA references: sub part 3 of Part 3, section 138, section
141(2) and (3) and Schedule 3).
Information for credit providers
The Ministry of Consumer Affairs has an online
Business
Note which introduces credit providers ("creditors") to the
CCCFA.
Credit Contracts and Consumer Finance Act -
An Introduction for Creditors is also available in
PDF format (160KB). (Instructions
for obtaining the viewer). (June 2004)
Information for retailers - Credit Sales
Credit Sales for Retailers (October 2004) is available
online and in
PDF
format (533kbs). (Instructions
for obtaining the viewer).
It is also available as a printed booklet, which can be ordered
from the Ministry using our online
Publications order
form.
Commerce Commission
publications
The Commerce Commission has released two publications on the
CCCFA. The publications are:
- Credit Contracts and Consumer Finance
Act - A general guide for the
credit industry
- Credit Contracts and Consumer Finance
Act - What you need to know
Information about these publications is available directly from
the
Commerce Commission's website.
A guide to the
Hire Purchase Act and Credit Repossession Act is available
in this Business Information section. The information will remain
after the commencement of the CCCFA, as the Hire Purchase Act may
still apply to credit contracts entered into prior to 1 April 2005.
To view the complete text of the CCCFA, visit
New Zealand Legislation.
There is no charge to browse the statutes and regulations available
on the New Zealand legislation website.
Regulations
To view the complete text of the CCCFA regulations in PDF format,
visit the CCCFA Regulations page.
Purchasing printed copies
Printed copies of Acts and Regulations are sold by Bennetts
Bookshops and some Whitcoulls stores. Bennetts Bookshop in
Wellington carries all legislation and provides a mail service
throughout the country. Contact Bennetts Bookshop by phone 04 499
3433 or fax 04 499 3375.
April 2004 -
Credit Contracts and Consumer Finance Act - Proposed Model
Disclosure statements
November 2003 -
Credit Contracts and Consumer Finance Act 2003: Proposed Regulations
August 2001 -
Consumer Credit Laws to be Overhauled
October 2000 -
Consumer Credit Law Review Part 5: Redress and Enforcement
August 2000 -
Consumer Credit Law Review Part 4: Overindebtedness, Insurance and
E-Credit
April 2000
-
Consumer Credit Law Review Part 3: Transparency in Consumer Credit:
Interest, Fees and Disclosure
April 2000
-
Consumer Credit Law Review Part 2: Application - What Transactions
Should Consumer Credit Legislation Apply To?
June 1999 -
Consumer Credit Law Review Part 1: Setting the Scene
Media releases on
CCCFA and buy-back schemes
21 March 2005 -
New
credit law ten days away
15 March 2005 -
Consumer credit survey released
15 October 2004 -
Improved credit disclosure benefits consumers and business
13 August 2004 -
New credit regulations good for consumers and business
22 June 2004 -
Housing buy-backs scheme Update
7 October 2003-
Greater protection for consumers in new legislation
14 August 2003 -
Amendment to deal with ‘buy-back’ schemes
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