Heading: inserted, on 6 June 2015, by section 9 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
(1)
In this Part, unless the context otherwise requires,—
agreement means—
a consumer credit contract or a credit contract to which Part 3A applies:
a buy-back transaction
borrower means any person who has entered into, or is seeking to enter into, an agreement with a lender
finance means finance provided under a buy-back transaction
lender means—
a creditor under a consumer credit contract or a credit contract to which Part 3A applies:
a transferee under a buy-back transaction
relevant guarantee means a guarantee given, or proposed to be given, in respect of—
a consumer credit contract; or
a credit contract to which Part 3A applies
relevant insurance contract means, in relation to a lender, a credit-related insurance contract entered into, or to be entered into, by a borrower if—
the borrower has also entered into, or is seeking to enter into, an agreement with the lender; and
the insurance is arranged by the lender.
(2)
For the purposes of this Part, insurance is arranged by the lender if 1 or more of the following applies:
the lender is the insurer:
the lender acts as the agent of the insurer in relation to the insurance:
the lender receives a commission in relation to the insurance:
the lender requires the borrower to obtain the insurance from a particular insurer or particular insurers:
the lender has in place any arrangement that has the effect of requiring the borrower to obtain the insurance from a particular insurer or particular insurers:
the insurance is financed under the agreement entered into by the borrower and the lender.
(3)
If a security interest is or may be taken in connection with an agreement, the contract or arrangement that creates or provides for the security interest is to be treated as forming part of the agreement for the purposes of this Part.
(4)
If an agreement involves a repayment waiver or an extended warranty, the repayment waiver or extended warranty is to be treated as forming part of the agreement for the purposes of this Part.
Section 9B: inserted, on 6 June 2015, by section 9 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).