Reprint as at 1 July 2013
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.
Title
1 Short Title and commencement
Part 1Preliminary
2 Interpretation
3 Act binds the Crown
4 Purpose of this Act
5 Security agreements to which Act applies
6 Act applies where creditor already has right to take possession, etc
Part 2Rules that apply before possession of goods is taken
7 Circumstances in which creditor can take possession
8 Notice to be given to debtor and guarantor before taking possession of consumer goods
9 Form of pre-possession notice
10 Creditor must allow time to remedy default
11 Offences against this Part
12 Debtor may apply to court for relief
13 Court may grant relief
Part 3Right of entry
14 Creditor must not enter premises in unreasonable manner
15 Creditor must not enter residential premises at prohibited time
16 Certain persons disqualified from taking possession of consumer goods
17 Documents to be produced on entry
18 Entry if occupier not present
19 Offence to obstruct taking possession of consumer goods
Part 3ARules that apply in relation to taking possession of accessions
19A Interpretation
19B Creditor must not damage consumer goods when removing accession
19C Person with interest in other goods entitled to reimbursement for damage caused by removal of accession
19D Person entitled to reimbursement may refuse permission to remove accession
19E Secured party may apply to court for order in respect of removal of accession
19F Secured party must give notice of removal of accession
19G When person with interest in whole may retain accession
19H Court may make order concerning removal of accession
Part 4Rules that apply after possession of goods is taken
20 Notice to be given to debtor and guarantor after taking possession of consumer goods
21 Form of post-possession notice
21A Notice of sale of consumer goods to other creditors
22 Consequences of not giving post-possession notice
23 Creditor must not sell consumer goods until 15 days after post-possession notice
24 Consequences of selling within 15 days of post-possession notice
25 Creditor must sell consumer goods 15 days after post-possession notice
26 Rules relating to sale by creditor
27 Debtor may obtain valuation of consumer goods before sale
28 Debtor’s right to reinstate agreement
29 Consequences of reinstating agreement
30 Debtor’s right to introduce buyer
31 Debtor’s right to settle agreement
32 Debtor’s right to force sale
32A Disposal of consumer goods to purchaser for value and in good faith
32B Extinguishment of subordinate security interests on sale
33 Creditor to give statement of account to debtor
34 Distribution of surplus
34A Surplus may be paid into court
34B Debtor’s, etc, right to recover surplus
35 Limit on creditor’s right to recover from debtor
36 Court may vary existing judgments or orders when consumer goods are repossessed
36A Voluntary return of goods
36B Various effects of voluntary return of goods
Part 5Miscellaneous provisions
37 Power of court to extend times
38 Service of notices
39 Jurisdiction of District Courts
40 Jurisdiction of Disputes Tribunals
41 Time for filing charging document
42 No contracting out
43 Application of law relating to illegal contracts
44 Power to amend forms
Part 6Amendments to other enactments
45 Amendments to Chattels Transfer Act 1924 [Repealed]
46 Amendment to Insolvency Act 1967
47 Amendments to Hire Purchase Act 1971 [Repealed]
48 Amendment to Credit Contracts Act 1981 [Repealed]
49 Amendment to Disputes Tribunals Act 1988
50 Amendments to Income Tax Act 1994 [Repealed]
51 Transitional provision relating to existing hire purchase agreements
Schedule 1Pre-possession notice
Schedule 2Post-possession notice
Reprint notes
An Act to govern the taking of possession of consumer goods by a creditor under a security agreement
Title: substituted, on 1 May 2002, by section 2 of the Credit (Repossession) Amendment Act 1999 (1999 No 127).