Credit Contracts and Consumer Finance Act 2003

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment

Declarations about credit contracts and consumer credit contracts

Heading: inserted, on 20 December 2019, by section 52 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).

137A Class declarations about credit contracts and consumer credit contracts

(1)

The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

(a)

declaring that any class of arrangements or facilities are not credit contracts:

(b)

declaring any class of arrangements or facilities that has, or is intended to have, the effect of a person receiving a loan, or goods or services with deferred payment, to be consumer credit contracts:

(c)

declaring any class of consumer credit contracts to be high-cost consumer credit contracts or related consumer credit contracts for the purposes of subpart 6A of Part 2 (provisions relating to debtors under high-cost consumer credit contracts).

(2)

A power in this section to make regulations may be used only on the recommendation of the Minister, and the Minister may make a recommendation only if the Minister—

(a)

is satisfied, in the case of subsection (1)(a), that the declaration—

(i)

is necessary or desirable to promote certainty about whether this Act applies; and

(ii)

is not inconsistent with the purposes of this Act set out in section 3; and

(iii)

would not cause significant detriment to consumers; and

(b)

is satisfied, in the case of subsection (1)(b), that the regulations are necessary or desirable in order to promote the purposes of the Act set out in section 3; and

(c)

is satisfied, in the case of subsection (1)(c), that the regulations are necessary or desirable in order to promote the purpose of subpart 6A of Part 2; and

(d)

has had regard to the economic substance of the relevant arrangement or facility; and

(e)

has consulted the persons or representatives of the persons who the Minister considers will be substantially affected by the regulations.

(3)

If the Minister makes a recommendation, the Minister’s reasons for making the recommendation (including why the declaration is appropriate) must be published together with the regulations.

(4)

If a declaration is made under subsection (1)(b) or (c), this Act applies with any modifications specified in the regulations and with all other necessary modifications.

(5)

Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

See secondary legislation made under this Act (if published on this website)
Legislation Act 2019 requirements for secondary legislation made under this section
PublicationPCO must publish it on the legislation website and notify it in the GazetteLA19 s 69(1)(c)
PresentationThe Minister must present it to the House of RepresentativesLA19 s 114, Sch 1 cl 32(1)(a)
DisallowanceIt may be disallowed by the House of Representatives LA19 ss 115, 116
This note is not part of the Act.

Section 137A: inserted, on 20 December 2019, by section 52 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).

Section 137A(5): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).