Credit Contracts and Consumer Finance Amendment Act 2014

Reprint as at 6 March 2015

Credit Contracts and Consumer Finance Amendment Act 2014

Public Act2014 No 33
Date of assent6 June 2014
Commencementsee section 2


Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


1 Title

2 Commencement

3 Principal Act

4 Section 3 replaced (Purposes)

5 Section 4 amended (Overview)

6 Section 5 amended (Interpretation)

7 Section 8 amended (Meaning of buy-back transaction)

8 New section 8B inserted (Provisions affecting application of amendments to this Act)

9 New Part 1A inserted

10 Section 11 amended (Meaning of consumer credit contract)

11 Section 14 amended (Effect of declaration)

12 Section 15 amended (Certain contracts not consumer credit contracts)

13 New section 15A inserted (Part does not apply to pawnbroking contract)

14 Section 16 amended (Lease of goods treated as consumer credit contract)

15 Section 17 amended (Initial disclosure)

16 Section 19 amended (Content of continuing disclosure statement)

17 Section 21 amended (Continuing disclosure not required)

18 Section 22 amended (Disclosure of agreed changes)

19 Section 23 amended (Disclosure of changes following exercise of power)

20 Section 24 amended (Request disclosure)

21 Section 25 amended (Disclosure of guarantee)

22 New section 26A inserted (Disclosure of transfer of rights of creditor under consumer credit contract)

23 Section 27 amended (Right to cancel consumer credit contract)

24 Section 30 replaced (Effect of cancellation)

25 Section 31 amended (Effect of credit sale cancellation)

26 Section 32 amended (Disclosure standards)

27 Section 34 replaced (Model forms)

28 Section 40 amended (Default interest charges)

29 Section 41 replaced (Unreasonable credit fee or default fee)

30 Section 43 replaced (Prepayment fees)

31 Section 44 replaced (Other credit fees and default fee)

32 Section 45 amended (Fees or charges passed on by creditor)

33 Section 48 amended (Recovery of payments)

34 Section 51 amended (Amount required for full prepayment)

35 Section 52 amended (Rebate of insurance)

36 New sections 52A and 52B inserted

37 Section 55 amended (Changes on grounds of unforeseen hardship)

38 Section 57 amended (Application may not be made in certain circumstances)

39 New section 57A inserted (Obligations of creditor in relation to application)

40 Section 58 amended (Changes by court)

41 New section 59A inserted (How notices may be given)

42 Section 60 amended (Consumer leases)

43 Section 62 amended (Declaration concerning consumer lease)

44 Section 66 repealed (Variation disclosure not required)

45 Section 69 amended (Restrictions on credit-related insurance, repayment waivers, and extended warranties)

46 Section 70 amended (Disclosure of credit-related insurance, repayment waiver, or extended warranty)

47 Section 78 repealed (Variation disclosure not required)

48 Section 79 amended (Request disclosure for buy-back transactions)

49 Section 80 amended (Unreasonable buy-back fees or buy-back default fees)

50 Section 82 amended (Unreasonable fees payable to buy-back promoter or associated person)

51 New Part 3A inserted

52 Section 86 amended (Jurisdiction of District Courts)

53 Section 87 amended (Jurisdiction of Disputes Tribunals)

54 New section 87A inserted (Jurisdiction of dispute resolution schemes)

55 Section 88 amended (Creditors, lessors, transferees, and buy-back promoters liable for statutory damages)

56 Section 89 amended (Amount of statutory damages)

57 Section 90 amended (Enforcement of statutory damages)

58 Section 91 amended (Court may reduce statutory damages)

59 Section 93 amended (Court's general power to make orders)

60 Section 94 amended (Court orders)

61 New section 94A inserted (Court orders in relation to repossessions)

62 Section 95 amended (Miscellaneous provisions concerning court's general power to make orders)

63 Section 96 amended (Injunctions)

64 Section 99 amended (Enforcement of consumer credit contract prohibited)

65 New sections 99A and 99B inserted

66 Section 101 amended (Enforcement of consumer lease prohibited)

67 Section 102 amended (Enforcement of buy-back transaction prohibited)

68 Section 103 replaced (Offences)

69 Section 105 replaced (When proceedings may be commenced for certain offences)

70 New sections 105A to 105F inserted

71 Section 108 amended (Power to order certain persons not to act as creditors, lessors, transferees, or buy-back promoters)

72 Section 111 amended (Role and functions of Commission under this Act)

73 Section 119 amended (Collateral contracts and linked transactions)

74 Section 124 replaced (Guidelines for reopening credit contracts, consumer leases, and buy-back transactions)

75 Section 134 amended (Right to set-off)

76 Section 135 amended (No contracting out)

77 Section 138 amended (Regulations)

78 New section 141A inserted (Application, savings, and transitional provisions relating to amendments to Act)

79 New Schedule 1AA inserted

80 Schedule 1 amended

81 New Schedules 3A and 3B inserted

82 Consequential amendments to, or repeals of, other Acts

Schedule 1
New Schedule 1AA inserted

Schedule 2
New Schedules 3A and 3B inserted

Schedule 3
Consequential amendments to, or repeals of, other Acts

Reprint notes

The Parliament of New Zealand enacts as follows: