Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698838115718.pdf (New Zealand)
2010/341 Credit Contracts and Consumer Finance (Student Loan Contract Exemption) Regulations 2010 Anand Satyanand, Governor-General Order in Council At Wellington this 23rd day of September 2010 Present: His Excellency the Governor-General in Council Pursuant to section 138(1)(a) of the Credit Contracts and Consumer Finance Act 2003, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.
Contents Title Commencement Interpretation Student loan contracts exempted Initial disclosure Continuing disclosure of information Content of information disclosed Disclosure of changes to obligations under student loan contract Page 2 2 2 2 2 3 3 3 1 r 1 9 10 11 12 1 2 3 (1) Credit Contracts and Consumer Finance (Student Loan Contract Exemption) Regulations 2010 2010/341 Direct disclosure of information and changes Public disclosure of changes Satisfaction of requirements to disclose Cap on student loan establishment fees 4 4 4 5 Regulations Title These regulations are the Credit Contracts and Consumer Fi- nance (Student Loan Contract Exemption) Regulations 2010.
Commencement These regulations come into force on 4 November 2010.

Interpretation In these regulations, unless the context otherwise requires, stu- dent loan contract means any loan agreement or contract en- tered into by the lender and a borrower under the student loan scheme on or after 4 November 2010.

(2) Any term or expression that is defined in the Student Loan Scheme Act 1992 and used, but not defined, in these regula- tions has the same meaning as in the Student Loan Scheme Act 1992.
4 (1) Student loan contracts exempted Student loan contracts are prescribed as a class of credit con- tract that is exempted from being a consumer credit contract under the Credit Contracts and Consumer Finance Act 2003.

(2) However, the exemption only applies to a student loan contract if the terms and conditions in regulations 5 to 12 are complied with in relation to that contract.
Initial disclosure The loan manager must provide a borrower with a copy of the borrower’s student loan contract— (a) (b) before the contract is entered into; or before the day that is 6 working days after the day on which the contract is entered into.
5 2 2010/341 Credit Contracts and Consumer Finance (Student Loan Contract Exemption) Regulations 2010 r 8 6 (1) (2) 7 8 (1) Continuing disclosure of information The loan manager or the Commissioner must disclose the in- formation set out in regulation 7 to the borrower under a stu- dent loan contract.

The information must— (a) be disclosed at least once in each 6-month period fol- lowing the day on which the contract is entered into; and relate to the previous 6-month period.
(b) Content of information disclosed Each disclosure of information in accordance with regulation 6 must contain as much of the following information as is ap- plicable to the borrower or the student loan contract: (a) the opening and closing dates of the period covered by the disclosure (the opening and closing dates); and the loan balance on the opening and closing dates; and the date and amount, and a description, of each amount advanced to the borrower under the contract during the period covered by the disclosure; and the date and amount of any interest charged to the bor- rower during the period covered by the disclosure; and the total interest rate that applies during the period covered by the disclosure; and the date and amount, and a description, of each fee charged to the borrower during the period covered by the disclosure; and the date and amount, and a description, of each penalty charged to the borrower during the period covered by the disclosure.
(b) (c) (d) (e) (f) (g) Disclosure of changes to obligations under student loan contract Subclause (2) applies if— (a) a change is made to a borrower’s obligations under a student loan contract; and that change increases the borrower’s obligations under that contract in a more than minor way, including a change to— (b) 3 r 9 Credit Contracts and Consumer Finance (Student Loan Contract Exemption) Regulations 2010 2010/341 the borrower’s repayment obligations; or the repayment percentage; or the total interest rate; and (i) (ii) (iii) that change is made— (i) (ii) without the borrower’s prior agreement; or by, or as a consequence of, an enactment.
(c) (2) Details of the change must be disclosed to the borrower within 7 months after the day on which the change is made.
9 Direct disclosure of information and changes (1) Disclosure under regulations 6 to 8 must be made— (a) (b) by means of information that is printed, typewritten, or otherwise visibly represented, copied, or reproduced on paper and is given by personal delivery or post; or by an electronic means, if the person making the dis- closure complies with the Electronic Transactions Act 2002, including by email, the Internet (if the borrower for whom the disclosure is intended is directly alerted to it in some manner), or fax.
(2) Despite subclause (1)(b) of this regulation and section 16 of the Electronic Transactions Act 2002, the consent of a bor- rower is not required in order for disclosure to be made in an electronic form.

(3) However, subclause (1) does not apply if the loan manager or the Commissioner, as applicable, cannot reasonably locate the borrower.
Public disclosure of changes Disclosure under regulation 8 must also be made— (a) by providing the information free of charge on an Inter- net site that allows a borrower to access the information at all reasonable times; and by giving public notice that the information is available on that Internet site.
(b) Satisfaction of requirements to disclose If disclosure is made in accordance with regulations 6 to 10, the requirements to disclose under those regulations are satis- 10 11 4 2010/341 Credit Contracts and Consumer Finance (Student Loan Contract Exemption) Regulations 2010 r 12 fied regardless of whether the borrower receives the informa- tion that was disclosed.
12 Cap on student loan establishment fees A student loan establishment fee charged by the loan manager to a borrower under a student loan contract must not exceed $60.

Rebecca Kitteridge, Clerk of the Executive Council.

Explanatory note This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 4 November 2010, ex- empt student loan contracts entered into on or after 4 November 2010 from being consumer credit contracts under the Credit Contracts and Consumer Finance Act 2003 (the Act).

This exemption is made because student loan contracts have their own statutory regime under the Student Loan Scheme Act 1992.
The exemption for student loan contracts is subject to terms and con- ditions that ensure that the disclosures required for those contracts are of a similar standard to those required under the Act.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 24 September 2010.

These regulations are administered by the Ministry of Consumer Affairs.

12 Wellington, New Zealand: Published under the authority of the New Zealand Government—2010 5