Introduction
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In September 2009, the Ministry of Consumer Affairs released the discussion document "Review of the Operation of the Credit Contracts and Consumer Finance Act 2003". The discussion document included 16 questions associated with proposed changes to the Credit Contracts and Consumer Finance Act (CCCFA) and invited submissions on the proposals.
59 submissions have been received on the discussion paper. 17 submissions were from consumer representatives such as budget advisory services or community law centres; 10 from individuals; 2 from government agencies; and the rest from a general mix of mainstream banks, finance companies, legal professionals and industry representative groups.
This paper is a brief summary to highlight comments in the submissions. It is intended to provide a flavour of the submissions and does not represent the full analysis of the submissions which will be undertaken over the next 2 to 3 months. Most submitters provided their comments in relation to the questions asked in the discussion paper. Accordingly, the questions posed in the discussion paper are noted followed by the summary of views in submissions.
The general assessment of the submissions shows that the consumer representatives have expressed strong support for the majority of the proposals and recommendations. Submissions from those in and representing players in the lending industry have a mixture of comment for and against the proposals.
