New Zealand Legislation: Acts

21 Continuing disclosure not required

• (1) Disclosure under section 18 is not required if—

  • (a) each advance under the consumer credit contract is of an amount that is known on the date that the contract is made and the contract specifies that the payments under the contract are to be made in accordance with a specified schedule of payments that is not subject to adjustment under the contract (other than an adjustment made as a result of a breach of the contract by the debtor); or

  • (b) in connection with the consumer credit contract,—

    • (i) the creditor maintains (at all reasonable times) a website that allows the debtor to access the information set out in section 19 as is applicable to the contract for any reasonable statement period specified by the debtor; and

    • (ii) the debtor consents to the information set out in section 19 being disclosed in the manner set out in subparagraph (i); or

  • (c) neither interest charges nor credit fees are payable under the consumer credit contract.

  (2) Disclosure under section 18 is not required in relation to a particular period if—

  • (a) the creditor cannot reasonably locate the debtor; or

  • (b) during the period that would otherwise be covered by a disclosure statement,—

    • (i) there have been no debits or credits to the debtor's account and the unpaid balance is nil; or

    • (ii) the creditor has written off the unpaid balance and there are no subsequent credits or debits to the debtor's account; or

    • (iii) the debtor has breached the consumer credit contract and the creditor has commenced enforcement proceedings; or

    • (iv) the debtor has been declared bankrupt or died and the Official Assignee or executors or trustees or administrator of the debtor's estate have not requested a continuing disclosure statement.

  (3) If disclosure under section 18 has not, in accordance with this section, been made in relation to a particular period, the next continuing disclosure statement that is required to be given or sent under this Act must cover every immediately preceding period for which a continuing disclosure statement has not been given or sent.