Credit Contracts and Consumer Finance Amendment Regulations 2020

2020/205

Coat of Arms of New Zealand

Credit Contracts and Consumer Finance Amendment Regulations 2020

Patsy Reddy, Governor-General

Order in Council

At Wellington this 10th day of August 2020

Present:
Her Excellency the Governor-General in Council

These regulations are made under section 138 of the Credit Contracts and Consumer Finance Act 2003

(a)

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

(b)

on the recommendation of the Minister of Commerce and Consumer Affairs made in accordance with section 138(1A), (1BA), and (1C) of that Act.

Contents

1Title
2Commencement
3Principal regulations
4New regulations 4AAAP to 4AAAU and cross-heading inserted
4AAAPPurpose of regulations 4AAAQ to 4AAB
4AAAQAdvertising of payment amounts
4AAARAdvertising of interest rates or charges
4AAASAdvertising of credit fees if advertisement states there is no interest
4AAATProhibited advertising practices
4AAAURequirement for plain language in clear, concise, and intelligible manner
5New regulations 4F to 4H and cross-heading inserted
4FDisclosure of agreed changes
4GDisclosure of changes following exercise of power
4HDisclosure of changes to guarantors
6Regulation 5A amended (Disclosure about dispute resolution and financial mentoring services: hardship applications, arrears, credit declined, and complaints)
7Regulation 18F amended (Exemption for credit under residential earthquake-prone building financial assistance scheme)
8New regulation 18G inserted (Exemption from disclosure about financial mentoring services)
18GExemption from disclosure about financial mentoring services
9Regulation 20 amended (Contract manager appointed by new creditor)
10New regulation 22 and cross-heading inserted
22Application of section 59B of Act in certain circumstances
11New regulation 23 and cross-heading inserted
23Disclosure before debt collection starts
Explanatory note
Administrative Information