New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 30 August 2011
| Public Act | 2003 No 52 |
| Date of assent | 13 October 2003 |
| Commencement | see section 2 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Ministry of Consumer Affairs.
8 Meaning of buy-back transaction
8A Meanings of associated and associated person
Part 2
Consumer credit contracts
11 Meaning of consumer credit contract
13 Presumption relating to consumer credit contract
15 Certain contracts not consumer credit contracts
16 Lease of goods treated as consumer credit contract
19 Content of continuing disclosure statement
20 Opening unpaid balance must not exceed closing unpaid balance of previous continuing disclosure statement
21 Continuing disclosure not required
22 Disclosure of agreed changes
23 Disclosure of changes following exercise of power
Request and guarantee disclosure
26 Disclosure of changes to guarantors
Subpart 3—Debtor's right to cancel
27 Right to cancel consumer credit contract
28 Notice of cancellation, return of property, and payment of cash price
29 Right of cancellation does not apply in certain situations
31 Effect of credit sale cancellation
Subpart 4—Disclosure standards and how disclosure is made
37 Creditor to ensure that contract specifies annual interest rate or rates
38 Early debit or payment of interest charges prohibited
41 Unreasonable credit fee or default fee
44 Other credit fees and default fee
Fees or charges passed on by creditor
45 Fees or charges passed on by creditor
47 Dating and adjustments of debits and credits in accounts
50 Debtor's right to full prepayment
51 Amount required for full prepayment
53 Termination of consumer credit insurance contract
54 Creditor's loss arising from full prepayment
Subpart 8—Changes on grounds of unforeseen hardship
55 Changes on grounds of unforeseen hardship
57 Application may not be made in certain circumstances
59 Creditor may apply for variation of change
Part 3
Consumer leases, credit-related insurance, and buy-back transactions of land
61 Presumption relating to consumer lease
62 Declaration concerning consumer lease
63 Application of disclosure provisions
64 Initial disclosure of consumer lease
65 Variation disclosure of consumer leases
66 Variation disclosure not required
67 Request disclosure for consumer leases
68 Amount payable on termination
Subpart 2—Credit-related insurance, repayment waivers, and extended warranties
69 Restrictions on credit-related insurance, repayment waivers, and extended warranties
70 Disclosure of credit-related insurance, repayment waiver, or extended warranty
Subpart 3—Buy-back transactions of land
71 Application of disclosure provisions
72 Initial disclosure of buy-back transaction
73 Independent legal advice must be given to occupier
74 Buy-back transactions involving buy-back promoter
75 Land cannot be dealt with without leave of court if initial disclosure not made or no independent legal advice given
76 Interest of occupier is caveatable interest
77 Variation disclosure of buy-back transactions
78 Variation disclosure not required
79 Request disclosure for buy-back transactions
80 Unreasonable buy-back fees or buy-back default fees
81 Fees or charges passed on by transferee
82 Unreasonable fees payable to buy-back promoter or associated person
Part 4
Enforcement and remedies
Subpart 1—Preliminary provisions
86 Jurisdiction of District Courts
87 Jurisdiction of Disputes Tribunals
88 Creditors, lessors, transferees, and buy-back promoters liable for statutory damages
89 Amount of statutory damages
90 Enforcement of statutory damages
91 Court may reduce statutory damages
92 Guidelines for reducing statutory damages
Subpart 3—Orders, injunctions, and prohibited enforcement
Court's general power to make orders
93 Court's general power to make orders
95 Miscellaneous provisions concerning court's general power to make orders
97 Injunctions restraining conduct of particular kind
99 Enforcement of consumer credit contract prohibited
100 Enforcement of guarantee prohibited
101 Enforcement of consumer lease prohibited
102 Enforcement of buy-back transaction prohibited
104 Conviction for 2 or more offences
105 When proceedings may be commenced
106 Reasonable mistake defence
107 Relevance of compliance programme
Subpart 6—Prohibition on certain creditors, lessors, transferees, and buy-back promoters
108 Power to order certain persons not to act as creditors, lessors, transferees, or buy-back promoters
109 Who may apply and nature of order
Subpart 7—Application of Commerce Act 1986 and provisions relating to Commerce Commission
111 Role and functions of Commission under this Act
112 Commission's rights to appear and adduce evidence
113 Application of Commerce Act 1986
116 Court order for disposal of things seized to be suspended on conviction
Part 5
Reopening of oppressive credit contracts, consumer leases, and buy-back transactions
119 Collateral contracts and linked transactions
120 Reopening of credit contracts, consumer leases, and buy-back transactions
121 Refusal to agree to early termination, variation, or waiver
122 Reopening credit contracts involved in arrangement
123 Time and circumstances relevant to reopening credit contracts, consumer leases, or buy-back transactions
124 Guidelines for reopening credit contracts, consumer leases, and buy-back transactions
125 When reopening proceedings may be commenced
127 Power of court on reopening credit contract, consumer lease, or buy-back transaction
129 Persons who share in profits or have beneficial interest in reopened credit contract, consumer lease, or buy-back transaction
130 Time of exercise of court's powers
131 No limit on sections 41, 80, and 82
Part 6
Miscellaneous provisions
132 Provisions relating to assignment of credit contracts, consumer leases, or buy-back transactions
133 Changes, deferrals, or postponements under credit contracts and consumer leases
136 Application of law relating to illegal contracts
140 Repeal of Credit Contracts Act 1981 and Hire Purchase Act 1971
143 Continuing application of Credit Contracts Act 1981 and Hire Purchase Act 1971
Schedule 1
Key information concerning consumer credit contract
Schedule 2
Information concerning consumer lease
Schedule 3
Information concerning buy-back transactions of land
