Review of the Operation of the Credit Contracts and Consumer Finance Act 2003

September 2009

The Credit Contracts and Consumer Finance Act 2003 (CCCFA) came into force in 2005 and covers all forms of consumer credit in New Zealand. In line with good regulatory practice the Ministry of Consumer Affairs has reviewed the CCCFA.

This paper outlines the findings of the review and makes proposals to enhance the clarity, operation and overall effectiveness of the Act. The paper also discusses wider issues around lending and borrowing in New Zealand.

Your feedback is sought on:

• the proposed enhancements to the Act in the areas of disclosure, access to hardship relief, credit limit extensions, and removal of unnecessary compliance costs;
• the reasonableness of fees and their use;
• securitisation of loans and the relationship with the Credit (Repossession) Act;
• fringe lending practices, interest rates caps and responsible lending.

• ISBN Print: 978-0-478-33677-1
• PDF: 978-0-478-33678-8
• HTML: 978-0-478-33679-5
• Ministry of Consumer Affairs
• PO Box 1473
• Wellington
  New Zealand

Available as: Review of the Operation of the Credit Contracts and Consumer Finance Act 2003 September 2009 [1.26 MB PDF]
(instructions for obtaining the viewer)