Interest on Money Claims Regulations 2019

2019/51

Coat of Arms of New Zealand

Interest on Money Claims Regulations 2019

Patsy Reddy, Governor-General

Order in Council

At Wellington this 11th day of March 2019

Present:
Her Excellency the Governor-General in Council

These regulations are made under section 27(1) of the Interest on Money Claims Act 2016

(a)

on the recommendation of the Minister of Justice; and

(b)

on the advice and with the consent of the Executive Council.

Regulations

1 Title

These regulations are the Interest on Money Claims Regulations 2019.

2 Commencement

These regulations come into force on 12 April 2019.

3 Interpretation

In these regulations, Act means the Interest on Money Claims Act 2016.

4 Maximum rate of interest for contracts entered into before commencement of Act

For the purposes of section 24(2)(b)(i) of the Act, the maximum rate of interest is 5% per annum.

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 12 April 2019, are made under the Interest on Money Claims Act 2016 (the Act). They prescribe 5% per annum as the maximum rate of interest that may be awarded by a court on all or part of the amount of a money judgment given for an amount under, or for breach of, a contract entered into before the Act came into force on 1 January 2018.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 14 March 2019.

These regulations are administered by the Ministry of Justice.