New Zealand Legislation: Acts

15 Certain contracts not consumer credit contracts

• (1) The following contracts are not consumer credit contracts:

  • (a) a contract for the sale of property, or the provision of services, to a person if the total amount payable under the contract by the person (other than any amount payable solely as a result of a default in payment by the person) is the agreed price of the property or services and is to be paid within 2 months from the day the contract is made:

  • (b) a contract that is a credit contract merely because a person's account with a creditor is debited and—

    • (i) the effect of the debit is to put the account into overdraft; and

    • (ii) the creation of the overdraft has not been agreed between the creditor and the person before the debit of the account:

  • (c) a credit contract under which the debtor is a trustee acting in his or her capacity as a trustee of a family trust:

  • (d) a contract of any class prescribed by regulations to be a class of contract that is exempted from being a consumer credit contract if the person who relies on the exemption complies with the terms and conditions (if any) that apply to the exemption.

  (2) Subsection (1)(b) applies whether or not—

  • (a) the creditor knows at the time the account is debited that the debit would have the effect of putting the account into overdraft; or

  • (b) the creditor makes a charge (whether by way of an interest charge or otherwise) relating to the creation of the overdraft.