New Zealand Legislation: Acts

11 Meaning of consumer credit contract

• (1) A credit contract is a consumer credit contract if—

  • (a) the debtor is a natural person; and

  • (b) the debtor enters into the contract primarily for personal, domestic, or household purposes; and

  • (c) 1 or more of the following applies:

    • (i) interest charges are or may be payable under the contract:

    • (ii) credit fees are or may be payable under the contract:

    • (iii) a security interest is or may be taken under the contract; and

  • (d) when the contract is entered into, 1 or more of the following applies:

    • (i) the creditor, or one of the creditors, carries on a business of providing credit (whether or not the business is the creditor's only business or the creditor's principal business):

    • (ii) the creditor, or one of the creditors, makes a practice of providing credit in the course of a business carried on by the creditor:

    • (iii) the creditor, or one of the creditors, makes a practice of entering into credit contracts in the creditor's own name as creditor on behalf of, or as trustee or nominee for, any other person:

    • (iv) the contract results from an introduction of one party to another party by a paid adviser or broker.

  (2) This section is subject to sections 14 and 15.

  Compare: Consumer Credit Code (Appendix to Consumer Credit (Queensland) Act 1994) s 6(1) (Qld)