Discussion Paper Summary

May 2001

Consumer Credit Law Review - Independent Review of Proposals in Respect of Charging Interest and Calculating Balances

In March the Ministry of Consumer Affairs released the following discussion paper as part of its Consumer Credit Law Review - Further Consultation on Proposals in Respect of Charging Interest and Calculating Balances

The Ministry has received some submissions to that document and has commissioned PricewaterhouseCoopers to give an independent view on the proposals contained in the document.

The following paper is their view of the proposals. In carrying out the review they addressed the following matters:

• are the proposals in respect of charging interest and calculating balances good policy?
• are there any adverse effects on lenders?
• are there any fishhooks in the proposals?
• are any modifications needed to the proposals?
• consideration of systems and information technology implications for lenders
• key transition issues.

Discussion Paper - full text

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