Source: http://www.legislation.govt.nz/act/public/2019/0081/latest/whole.html
Timestamp: 2020-05-30 00:07:45
Document Index: 689928674

Matched Legal Cases: ['art 6', 'art 2', 'art 6', 'art\n45', 'art\n45', 'art\n45', 'art\n26', 'art 9', 'art 2', 'art 5', 'art 4', 'art 8', 'art 4', 'art 5', 'art\n51', 'art 3', 'art 4', 'art 5', 'art 4', 'art 6', 'art 2', 'art 6', 'art 2', 'art 6', 'art 2', 'art 5', 'art 5', 'art 6', 'art 2', 'art 6', 'art 2', 'art 6', 'art 2', 'art 3', 'art 3', 'art 6', 'art 6', 'art 6', 'art 2', 'art 5', 'art 5', 'art 5', 'art 2', 'art 2', 'art 2']

Credit Contracts Legislation Amendment Act 2019 No 81 (as at 30 April 2020), Public Act – New Zealand Legislation
Reprint as at 30 April 2020
2019 No 81
13 Section 9J amended (Publication of standard form contract terms)
14 Section 11 amended (Meaning of consumer credit contract)
15 New section 16A inserted (Mobile trader credit sales treated as consumer credit contract)
16A Mobile trader credit sales treated as consumer credit contract
16 Section 22 amended (Disclosure of agreed changes)
17 Section 23 amended (Disclosure of changes following exercise of power)
18 Section 26 amended (Disclosure of changes to guarantors)
19 Section 26A amended (Disclosure of transfer of rights of creditor under consumer credit contract)
20 New section 26B inserted (Disclosure about dispute resolution schemes and financial mentoring services: hardship applications, arrears, credit declined, and complaints)
26B Disclosure about dispute resolution schemes and financial mentoring services: hardship applications, arrears, credit declined, and complaints
21 Section 29 amended (Right of cancellation does not apply in certain situations)
22 Section 32 amended (Disclosure standards)
23 Section 35 amended (How disclosure is made)
24 New section 41A inserted (Records and reviews about how fees calculated)
41A Records and reviews about how fees calculated
25 New subpart 6A of Part 2 inserted
Subpart 6A—Provisions relating to debtors under high-cost consumer credit contracts
Purpose, outline, and interpretation
45A Purpose of this subpart
45B Outline of this subpart
45C Meaning of high-cost consumer credit contract
45D Power to increase interest rate that defines high-cost consumer credit contract
45E Costs of borrowing must not exceed loan advance
45F Certain high-cost consumer credit contracts with other creditors prohibited
45G High-cost consumer credit contracts with certain repeat debtors prohibited
45H Rate cap
45I Compound interest prohibited
45J Default fees
45K Prohibition on avoidance
Review of subpart
45L Review of subpart
26 Section 57A amended (Obligations of creditor in relation to application)
27 New subpart 9 of Part 2 inserted
28 Section 83J amended (Effect of debtor’s complaint or application on grounds of unforeseen hardship on creditor’s rights to enforce credit contract)
29 Section 83ZH replaced (Extinguishment of creditor’s security interest and subordinate security interests on sale)
83ZH Extinguishment of creditor’s security interest and subordinate security interests on sale
30 Section 88 amended (Creditors, creditors’ agents, lessors, transferees, and buy-back promoters liable for statutory damages)
31 Section 89 amended (Amount of statutory damages)
32 Section 92 amended (Guidelines for reducing statutory damages)
33 Section 93 amended (Court’s general power to make orders)
34 Section 94 amended (Court orders)
35 New sections 95A and 95B inserted
95A Court may reduce effect of failure to make disclosure
95B Guidelines for reducing effect of failure to make disclosure
36 Section 96 amended (Injunctions)
37 New sections 98A and 98B and cross-heading inserted
Compliance and similar orders
98B Order to disclose information or publish advertisement
38 Section 100 amended (Enforcement of guarantee prohibited)
39 Section 102A amended (Infringement offences)
40 Section 103 amended (Other offences)
41 Section 106 amended (Reasonable mistake defence)
42 Section 107 amended (Relevance of compliance programme)
43 New subpart 5A of Part 4 inserted
44 Section 108 amended (Power to order certain persons not to act as creditors, lessors, transferees, or buy-back promoters)
45 Section 111 amended (Role and functions of Commission under this Act)
46 Section 113 amended (Application of Commerce Act 1986)
47 New section 116AAA inserted (Requirement for annual return)
116AAA Requirement for annual return
48 New subpart 8 of Part 4 inserted
49 Section 124 amended (Guidelines for reopening credit contracts, consumer leases, and buy-back transactions)
50 New Part 5A inserted
131T Fees, charges, and costs in connection with this subpart
51 New section 132A inserted (Disclosure about debt collection)
132A Disclosure about debt collection
52 New sections 137A to 137C and cross-heading inserted
Declarations about credit contracts and consumer credit contracts
137A Class declarations about credit contracts and consumer credit contracts
137B Declarations about particular arrangements or facilities
137C General provisions about all declarations
53 Section 138 amended (Regulations)
55 Schedule 1 amended
56 Amendments to Fair Trading Act 1986
57 Section 36B amended (Meaning of layby sale agreement)
58 Section 36C amended (Disclosure requirements relating to layby sale agreement)
59 Amendments to Financial Service Providers (Registration and Dispute Resolution) Act 2008
61 Section 5 amended (Meaning of financial service)
62 Section 13 amended (Qualifications for registration as financial service provider)
63 Section 18 amended (Deregistration of financial service provider)
64 New section 23 and cross-heading inserted
65 Section 27 amended (Contents of register)
66 New section 67A inserted (Duty to communicate information about mobile traders)
67A Duty to communicate information about mobile traders
67 Schedule 1AA amended
68 Amendment to Financial Service Providers (Registration) Regulations 2010
69 Amendments to Credit Contracts and Consumer Finance Regulations 2004
Sections 16(1), 17(1), 18(1), 19, 22, 23, 28, 30 to 32, 34(2), 35, 38, 41 to 43, 46, 52, 53, and 54 come into force on the day after the date on which this Act receives the Royal assent.
The rest of this Act comes into force on a date appointed by the Governor-General by Order in Council, and 1 or more orders may be made appointing different dates for different provisions and for different purposes.
To the extent that it is not previously brought into force under subsections (1) to (3), the rest of this Act comes into force on 1 April 2023.
Section 2(1A): inserted, on 30 April 2020, by section 33(1) of the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10).
Section 2(2): replaced, on 30 April 2020, by section 33(1) of the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10).
Section 2(4): amended, on 30 April 2020, by section 33(2) of the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10).
provides for the disclosure of certain information about debt collection to debtors under credit contracts.
In section 4(f), after “relating to” , insert “disclosure about debt collection,” .
debt collection has the meaning set out in section 132A
high-cost consumer credit contract has the meaning set out in section 45C
payment reminder has the meaning set out in section 132A
In section 9A(2)﻿(a), replace “and 96(1)﻿(aa)” with “96(1)﻿(aa), 98A, 98B, and 107A” .
In section 9B(1), insert in their appropriate alphabetical order:
advertising means any form of communication—
that is to be, or has been, distributed to a person; and
that is reasonably likely to induce a person to inquire about or apply for an agreement; and
that is authorised or instigated by, or on behalf of, the lender or an associated person of the lender, or prepared with the co-operation of any of those persons
relevant guarantee means a guarantee given, or proposed to be given, by a natural person in respect of a consumer credit contract, but does not include a guarantee under which the guarantor is a trustee acting in their capacity as a trustee of a family trust or as a partner of a partnership under the Partnership Act 1908
In section 9C(3)﻿(a), after “before entering into the agreement,” , insert “and before making a material change referred to in subsection (8),” .
any advertising—
complies with the advertising standards set out in the regulations; and
is not, or is not likely to be, misleading, deceptive, or confusing to borrowers; and
After section 9C(3)﻿(b)﻿(iii), insert:
reasonable steps are taken to offer to the borrower information about the agreement in another language (language A) if—
advertising that is wholly or significantly in language A is being, or within the preceding 6 months has been, distributed to the public or a section of the public; and
the steps are necessary to ensure that the borrower can reach an informed decision (for example, if the borrower may not have a good understanding of the language in which the lender is otherwise providing information to the borrower under this Act); and
After section 9C(4)﻿(b)﻿(ii), insert:
reasonable steps are taken to offer to the guarantor information about the guarantee in another language (language A) if—
advertising about the agreement that is wholly or significantly in language A is being, or within the preceding 6 months has been, distributed to the public or a section of the public; and
the steps are necessary to ensure that the guarantor can reach an informed decision (for example, if the guarantor may not have a good understanding of the language in which the lender is otherwise providing information to the guarantor under this Act); and
In section 9C(5)﻿(b)﻿(i), delete “distributed by the lender” .
In subsections (3)﻿(a), (4)﻿(a), and (5)﻿(a), the requirement to make reasonable inquiries so as to be satisfied of a matter includes a requirement to comply with regulations made under section 138(1)﻿(abd).
After section 9C(7), insert:
The material changes for the purposes of subsection (3)﻿(a) are—
the parties to the agreement agree to change the agreement by increasing a credit limit under the agreement:
the lender exercises a power under the agreement to increase a credit limit under the agreement:
the lender makes an additional advance that the lender did not take into account when previously satisfying itself as to the matters in subsection (3)﻿(a).
The lender must provide the records within 20 working days of the date on which the request is received by the lender or, in the case of records being provided to the Commission, within any longer period of time specified by the Commission.
In section 9F(1)﻿(b)﻿(iii), replace “(including where the borrower’s or guarantor’s first language is not English)” with “(including where the borrower or guarantor may not have a good understanding of the language in which the lender is otherwise providing information)” .
After section 9F(1)﻿(d), insert:
the processes, practices, or procedures that a lender should follow for the purposes of debt collection:
Repeal section 9J(5).
For the purposes of this Act, a credit sale under which a mobile trader supplies consumer goods to a natural person is to be treated as a credit contract and a consumer credit contract.
the mobile trader under the credit sale is to be treated as a creditor; and
the person to whom the goods are supplied is to be treated as a debtor; and
this Act applies with all other necessary modifications as if the credit sale were a credit contract and a consumer credit contract.
This section prevails over section 15.
Subsection (4) does not apply to a high-cost consumer credit contract.
After section 23(7), insert:
Subsections (4) and (6) do not apply to a high-cost consumer credit contract.
After section 26(5), insert:
Disclosure under this section is not required in relation to a particular debtor or guarantor if the creditor cannot reasonably locate the debtor or guarantor, as the case may be.
Information about the creditor’s dispute resolution scheme must be disclosed as follows:
by a creditor in every notice required under section 57A(1)﻿(a) (obligations of creditor in relation to hardship applications):
by the creditor to the debtor, when the creditor receives a written complaint in relation to any enforcement action under Part 3A:
by the creditor to the debtor, when the creditor receives any other type of complaint described in the regulations.
Information about financial mentoring services must be disclosed as follows:
by a creditor, to a debtor who has made a default in payment or has caused the credit limit under the contract to be exceeded:
by a creditor who declines an application for a high-cost consumer credit contract, to the applicant.
The disclosure must be made—
in a prominent manner; and
in accordance with regulations made under section 138(1)(dba).
Subpart 4 does not apply to disclosure required under this section.
Replace section 35(2) with:
If the place of residence referred to in subsection (1)﻿(b) is the same for 2 or more persons, or if 2 or more persons have specified the same information system for the purposes of subsection (1)﻿(c) to (e), the disclosure statement given or sent to any of those persons is to be treated as having been given or sent to all of those persons.
Replace section 35(4) with:
For the purposes of sections 27 and 99 to 102, when disclosure is made—
by sending the disclosure statement to the information system specified by the person for that purpose under subsection (1)﻿(c), the disclosure is to be treated as having been made on the second working day after the day on which the statement is sent:
under subsection (1)﻿(d) or (e), the disclosure is to be treated as having been made on the second working day after the day on which the electronic communication is sent.
The creditor under a consumer credit contract must keep records about how the creditor calculated each credit fee and default fee for the purposes of section 41.
Those calculations must demonstrate that each credit fee and default fee is not unreasonable at the time at which the fee was calculated or reviewed.
A creditor must—
review a credit fee or a default fee if the creditor knows, or ought reasonably to know, that there has been a change that is likely to materially affect the reasonableness of the fee (for example, a change in the creditor’s business or costs); and
reduce the fee if the result of the review is that the fee is now unreasonable.
The creditor must make the records required by this section available to the Commission, on request by the Commission.
The creditor must provide the records within 20 working days of the date on which the request is received by the creditor or, in the case of records being provided to the Commission, within any longer period of time specified by the Commission.
The Commission does not need to use its powers under section 98 of the Commerce Act 1986 to make a request under subsection (4).
The creditor must keep the records for a period of at least 7 years after the date on which the fee is calculated or reviewed.
to protect consumers from the harm caused by accumulating excessive debts from default on high-interest loans or from rolling over or extending payment terms of high-interest loans; and
to protect consumers from the harm caused by excessive interest and fees from repeat borrowing under high-interest loans.
This subpart provides for rules about the following matters:
the maximum costs of borrowing that are recoverable under certain high-cost consumer credit contracts and related consumer credit contracts:
restrictions on entry into further high-cost consumer credit contracts:
the maximum rate of charge that is recoverable under a high-cost consumer credit contract:
no compound interest under high-cost consumer credit contracts.
In relation to those matters, this Act provides for—
compensation, other orders, or injunctions (see sections 93(a) and 96(1)﻿(a)):
statutory damages (see section 88):
other court orders (see section 94):
pecuniary penalties (see subpart 5A of Part 4).
section 48 applies in some cases:
see section 124(1)﻿(ea) (guidelines for reopening credit contracts).
high-cost consumer credit contract means a consumer credit contract of any of the following types:
a contract that provides for an annual interest rate of 50% or greater:
a contract under which the weighted average annual interest rate applied to the unpaid balance is, or is likely to be, 50% or greater on any day during the term of the contract:
a contract under which the total rate of the interest charges (including default interest charges) that may be applied cumulatively to the same part of an unpaid balance in the event of a default in payment or the credit limit being exceeded is, or is likely to be, a rate of 50% or greater:
A creditor’s normal annual interest rate is 40% pa, and an additional default interest charge of 20% pa is applied to the part of the unpaid balance that is in default. The annual interest rate and any default interest charge rate are together 60% pa on the part of the unpaid balance in default. The contract is therefore a high-cost consumer credit contract.
a contract declared by regulations to be a type of contract that is a high-cost consumer credit contract
interest rate that defines a high-cost consumer credit contract means the interest rate set out in paragraphs (a) to (c) of the definition of high-cost consumer credit contract.
The Governor-General may, by Order in Council made on the recommendation of the Minister, increase the interest rate that defines a high-cost consumer credit contract (the increase).
However, the Minister may make a recommendation only if he or she—
is satisfied that the increase is no greater than is necessary to take account of a rise in market interest rates; and
is satisfied that the increase is necessary or desirable in order to avoid harm or disruption to credit markets that would otherwise be caused by the rise in market interest rates (that is, because more credit contracts would be within the bracket than would be the case if the rise in market rates had not occurred); and
is satisfied that the increase is not inconsistent with the purpose of this subpart; and
has consulted the Reserve Bank of New Zealand and the Commission.
No person may be a creditor under a contract that contravenes this section or accept a payment, or debit a fee or charge to the debtor’s account, that will result in that maximum amount being exceeded.
Section 48 also applies if a payment results in that maximum amount being exceeded.
costs of borrowing, in relation to a consumer credit contract, means any or all of the following costs:
a credit fee:
a default fee:
charges for an optional service:
fees or charges passed on by the creditor (other than default fees)
fees or charges passed on by the creditor means fees and charges payable as referred to in section 45 regardless of whether the other person, body, or agency referred to in that section is an associated person of the creditor
in respect of a high-cost consumer credit contract that has no related consumer credit contracts, the first advance (excluding any credit fees, charges for optional services, and fees or charges passed on by the creditor) under that high-cost consumer credit contract:
in respect of a high-cost consumer credit contract that has 1 or more related consumer credit contracts, the first advance (excluding any credit fees, charges for optional services, and fees or charges passed on by the creditor) under the earliest high-cost consumer credit contract in the series
the consumer credit contracts (including contract A) are entered into during a period—
that begins with a high-cost consumer credit contract being entered into; and
that ends with the expiry of 15 continuous days during which there was no unpaid balance on any of the consumer credit contracts entered into since the start of the period,—
On 2 February, Ms D borrows $100 from a creditor (C) under a consumer credit contract that has an annual interest rate of 500% pa and a term of 6 weeks. The maximum costs of borrowing that Ms D will have to pay under that contract and any contract that replaces that contract is $100.
Ms D refinances by entering into a further high-cost consumer credit contract with C to repay the remaining $40, and will receive a further advance of $50, ie, $90 in total. The first advance of $100 caps the maximum costs of borrowing. The maximum costs of borrowing that Ms D will have to pay under the new contract is $100 - $32 = $68 (ie, the amount in interest and fees charged on the first contract ($32) is subtracted from the first advance of $100 to give a remaining cap of $68).
In addition, C is liable in other ways, for example, to a pecuniary penalty, statutory damages, and other court orders.
No creditor (C) may enter into a high-cost consumer credit contract with—
a debtor who has an unpaid balance on any high-cost consumer credit contract under which the creditor is a person other than C; or
a person who has had, at any time within the preceding 15 days, an unpaid balance on any high-cost consumer credit contract under which the creditor is a person other than C.
In the example above, Ms D would not be able to refinance on 2 March by entering into a further high-cost consumer credit contract with another creditor.
A creditor (C) has a defence in connection with a breach of this section if C proves that, before entering into the contract,—
C complied with section 9C in respect of the requirement to make reasonable inquiries; and
C had reasonable grounds to believe that during the relevant period the person did not have an unpaid balance on any high-cost consumer credit contract under which the creditor is a person other than C.
No creditor (C) may enter into a high-cost consumer credit contract with a debtor who has entered into 2 or more high-cost consumer credit contracts at any time within the preceding 90 days.
C had reasonable grounds to believe that the debtor had not entered into 2 or more high-cost consumer credit contracts during the relevant period.
The maximum rate of charge that is recoverable under a high-cost consumer credit contract is 0.8% per day, calculated in accordance with the regulations as a proportion of the amount of credit provided.
A high-cost consumer credit contract must not provide for an amount to be recoverable that will result in that maximum rate being exceeded or that is capable of resulting in that maximum rate being exceeded.
No person may be a creditor under a high-cost consumer credit contract that contravenes this section or accept a payment, or debit a fee or charge to the debtor’s account, in a way that results in that maximum rate being exceeded.
Section 48 also applies if a payment results in that maximum rate being exceeded.
charge means the costs of borrowing within the meaning of section 45E, excluding default fees
credit provided means the unpaid balance excluding any amount that the regulations state must be excluded.
A contract or creditor does not contravene this section if the maximum rate is exceeded only because of a part prepayment or full prepayment.
A high-cost consumer credit contract must not provide for compound interest.
No person may be a creditor under a high-cost consumer credit contract that provides for compound interest or accept a payment, or debit a fee or charge to the debtor’s account, in respect of compound interest.
Section 48 also applies if a payment is in respect of compound interest.
In this section, compound interest, to avoid doubt, includes interest on any amount of additional credit that has been provided to repay accrued interest.
This section applies, for the purposes of sections 41, 41A, and 44A and this subpart, in respect of a high-cost consumer credit contract.
the contract provides for a default fee that is more than the prescribed amount; or
the creditor accepts a payment, or debits a fee or charge to the debtor’s account, in respect of a default fee that, taken together with any previous default fees charged under the contract or any related consumer credit contract (within the meaning of section 45E) is more than the prescribed amount.
The fee must be presumed to be unreasonable, and to be in breach of this section and section 41, unless the creditor rebuts the presumption by proving, on the balance of probabilities, that the fee is reasonable.
The requirement to rebut in subsection (3) includes proving the things in section 44A, including that it was reasonable to take the action that incurred the cost to which the fee relates (for example, sending the default to a debt collection agency).
The Governor-General may, by Order in Council, make regulations prescribing the amount for the purpose of this section.
The power in subsection (5) to make regulations may be used only on the recommendation of the Minister, and the Minister may make a recommendation only if the Minister—
has had regard to the purpose of this subpart; and
has consulted the Commission and the persons or representatives of the persons who the Minister considers will be substantially affected by the regulations.
If no regulations have been made, the prescribed amount is $30.
A person must not enter into a scheme if it is reasonable to conclude that a purpose of the scheme is to defeat, evade, or circumvent the operation of a provision in this subpart.
In this section, scheme means any contract, arrangement, or other act that has the effect of, or any contracts, arrangements, or other acts that together have the effect of, in any way, directly or indirectly,—
resulting in a transaction that is in substance or economic effect a high-cost consumer credit contract or related contract being, instead, a transaction to which this subpart does not apply; or
otherwise avoiding the application of a provision of this subpart.
The Minister must, as soon as practicable after the expiry of 3 years from the commencement of this section,—
review the operation and effectiveness of this subpart; and
The review must consider, in particular, whether the interest rate that defines a high-cost consumer credit contract should be reduced to a rate between 30% and 50%.
In section 57A(1)﻿(a), after “the debtor” , insert “(see section 26B(1)﻿(a) and (2)﻿(b))” .
the nature of the business (for example,—
the nature of the credit provided); and
In any circumstances prescribed under section 138(1)﻿(da) (being circumstances that relate to securitisation or covered bond arrangements or similar arrangements), this section applies as stated in the regulations.
After section 83J(8), insert:
Despite subsections (1) and (2), the creditor may take an enforcement action referred to in subsection (6)﻿(a) to (c) (but not an action referred to in subsection (6)﻿(d)) if—
the person responsible for the dispute resolution scheme to which a complaint has been referred under this section has given notice (which may include a preliminary view) to the effect that the enforcement action would be in the best interests of the debtor; and
the debtor and the creditor have agreed in writing to the enforcement action.
Replace section 83ZH with:
If consumer goods have been sold under section 83Z or 83ZF, the following interests are extinguished on the sale of the consumer goods:
the security interest in the consumer goods of the creditor who sold the consumer goods:
all security interests in the consumer goods that are subordinate to the security interest of the creditor who sold the consumer goods.
See the Personal Property Securities Act 1999 in respect of security interests in the proceeds of the consumer goods.
section 9C(1) with respect to the lender responsibilities in section 9C(3)﻿(a) to (e) or (5):
subpart 6A of Part 2 (provisions relating to debtors under high-cost consumer credit contracts):
section 132A (disclosure about debt collection).
in the case of a breach of section 9C(3)﻿(a) (failure to make reasonable inquiries before entering into an agreement), an amount equal to the interest charges, credit fees, and default fees that have become payable under the agreement or, in the case of a breach of section 9C(3)﻿(a) that relates to a material change, an amount equal to the interest charges, credit fees, and default fees that have become payable as a result of the change; and
in the case of a breach of section 9C(4)﻿(a) (failure to make reasonable inquiries before a guarantee is given), the amount paid by the guarantor in order to comply with the guarantee; and
in the case of a breach of section 9C(5)﻿(a) (failure to make reasonable inquiries before entering into a relevant insurance contract), the amount paid by the borrower under the contract; and
in the case of a breach of section 45F or 45G, an amount equal to the interest charges, credit fees, and default fees that have become payable under the contract that was entered into in breach of the relevant section; and
in the case of a breach of section 9C(3)﻿(a) to (e) or (5) (lender responsibility principles) or subpart 6A of Part 2 (provisions relating to debtors under high-cost consumer credit contracts),—
an order that prohibits the creditor from charging further interest, fees, or other charges under the contract:
The court may, on the application of a lessor under a class of consumer leases, order that the effect under section 101(2) of a failure to make disclosure under section 64 or 65 be extinguished or reduced to an amount specified by the court if the court considers that it is just and equitable that an order be made.
The court may, on the application of a transferee under a class of buy-back transactions, order that the effect under section 102(2) of a failure to make disclosure under section 72 or 77 be extinguished or reduced to an amount specified by the court if the court considers that it is just and equitable that an order be made.
the role that sections 99(1A), 101(2), and 102(2) have in providing incentives for compliance with this Act:
whether the person applying for the order had an appropriate compliance programme:
whether the breach was due to a reasonable mistake or due to events outside the control of the person applying for the order:
whether the breach was remedied (to the extent that it could be remedied) as soon as practicable after the breach was discovered by the person or brought to the notice of the person applying for the order:
the extent to which the person applying for the order has compensated or offered to compensate any person who has suffered loss or damage by that breach:
The court may, on the application of the Commission, make an order that a person do 1 or more of the things in subsection (2) if, in the opinion of the court, the person has engaged in conduct, or is likely to engage in conduct, that constitutes, or would constitute, any of the things referred to in section 96 (a breach).
require that person, or any other person involved in the contravention, to disclose, at that person’s own expense, to the public, or to a particular person or to persons included in a particular class of persons, in the manner specified in the order, the information, or information of a kind, that is specified, being information that is in the possession of the person to whom the order is directed or to which that person has access:
require that person, or any other person involved in the contravention, to publish, at that person’s own expense, in the manner and at the times that are specified in the order, corrective statements the terms of which are specified in, or are to be determined in accordance with, the order.
The court may hear and determine an application under subsection (1) in conjunction with any other proceedings under this Act.
Before section 100(1), insert:
No person may enforce a guarantee after the court finds a breach of section 9C(4)﻿(a) in respect of the guarantee, unless the court grants relief to the creditor under subsection (1AAB).
The court may, on the application of a creditor under the consumer credit contract, grant relief from the effect of subsection (1AAA) if the court considers it fair and reasonable in the circumstances after having had regard to all relevant matters, including—
the ability of the guarantor to comply with the guarantee without suffering substantial hardship:
any statutory damages that have been paid or are payable and the extent to which statutory damages have been, or are to be, extinguished or reduced under section 91.
In section 100(2), after “Failure to comply with”, insert “section 9C(4)﻿(a) or” .
In section 102A(1)﻿(a)﻿(i), after “or section 19(1) requires” , insert “, or regulations prescribing information that must be disclosed under section 132A require,” .
Every person commits an offence if the person is subject to a disclosure requirement under section 26B and the person breaches the requirement.
After section 102A(7), insert:
Every person commits an offence if the person is subject to section 116AAA (requirement for annual return) and the person breaches the requirement.
disclosure section means any of sections 17, 18, 25, 64, 70, 72, and 132A
In section 103(1), after “to 74” , insert “(except sections 41 and 41A, subpart 6A of Part 2, and section 59B)” .
Every person commits an offence if, with respect to a document required by or for the purposes of section 116AAA or Part 5A, the person makes, or authorises the making of, a statement in the document that is false or misleading in a material particular if the person knows it to be false or misleading, and is liable on conviction,—
section 9C(1) (lender responsibility principles), except to the extent that that provision relates to section 9C(3)﻿(f):
section 41 (unreasonable credit fee or default fee):
section 41A (duties in respect of records and reviews about how fees calculated):
an order made under section 98A (compliance orders) or section 98B (order to disclose information or publish advertisement); or
A body corporate must not indemnify any director, employee, or agent, or former director, employee, or agent, of the body corporate or of any related body corporate (person A) in respect of—
any pecuniary penalty imposed on person A under this Act; or
any costs incurred by person A in defending any civil proceedings in which the pecuniary penalty referred to in paragraph (a) is imposed.
No person may enter into a contract of insurance that indemnifies or purports to indemnify a person (person A) in respect of—
Every creditor under a consumer credit contract must provide an annual return to the Commission in the prescribed manner.
The prescribed manner may include a requirement to provide statistical information in relation to the creditor’s business (including its loan book).
The annual return must be provided before the prescribed date and relate to the prescribed 12-month period.
Nothing in this section requires the creditor to provide—
information that is neither in the possession or control of the creditor nor reasonably ascertainable from information that is in the possession or control of the creditor.
Before Part 5, insert:
See also section 107A(1)﻿(a)﻿(vi) (civil pecuniary penalties).
After section 124(1)﻿(e), insert:
in the case of a contract to which subpart 6A of Part 2 applies, the need to protect consumers in accordance with the purpose of that subpart; and
The Commission must, after receiving an application under section 131F, issue a certification if the Commission is satisfied that the applicant’s directors, senior managers, and proposed directors and senior managers, are fit and proper persons to hold their respective positions.
any director, senior manager, or proposed director or senior manager who the Commission is not satisfied is a fit and proper person to hold their respective position.
The Commission must send the details specified in subsection (2) to the Registrar after making a decision referred to in section 131H.
the date that is 5 years after the date on which it is issued:
In this section, certified person includes any director or senior manager, or proposed director or senior manager, who the Commission is not satisfied is a fit and proper person to hold their respective position and who is the reason why the Commission proposes to suspend or cancel the certification.
A certified person must notify the Commission about any prescribed change in circumstances (for example, a change in directors or senior managers) relating to a certified person.
The Commission may refuse to perform or exercise a function, power, or duty until any fee, charge, or cost prescribed under section 138(1)(hb) is paid.
Any fee, charge, or cost payable to the Commission is recoverable by the Commission in any court of competent jurisdiction as a debt due to the Commission.
Compare: 2011 No 5 s 67(3), (4)
when the contract was entered into, the credit was to be used, or was intended to be used, wholly or predominantly for personal, domestic, or household purposes; and
Before debt collection starts, the debt collector must ensure that disclosure of all the information set out in the regulations that applies to the contract is made to every debtor under the contract.
A person who becomes a debt collector after debt collection has started must also make the disclosure required by subsection (2) within 10 working days of the day on which the person becomes a debt collector.
debt collection means an act to recover (or attempt to recover) any money that is owing by a debtor under a credit contract as a result of the debtor’s breach of the contract
debt collector, in respect of a contract, means a creditor or any other person engaging in debt collection in respect of the contract.
However, this section does not apply—
if the act to recover (or attempt to recover) money is either of the following:
a payment reminder provided by the creditor who made the advance under the credit contract:
a payment reminder provided by a person to whom the rights of a creditor have been transferred by assignment or operation of law (the assignee), if the assignment did not occur for the purpose of the assignee undertaking debt collection:
if the creditor has complied with section 119 of the Property Law Act 2007 (notice must be given to current mortgagor of mortgaged land of exercise of powers, etc):
if the creditor has served a repossession warning notice in accordance with section 83G:
if the action is in respect of a repossession of goods that are at risk (see section 83E(2)).
only requests a payment that is overdue; but
communications with any person other than the debtor (other than incidental communications in the course of attempting to contact the debtor):
filing enforcement proceedings or lodging a claim with the Disputes Tribunal
payment that is overdue—
includes default fees and default interest charges in respect of an overdue amount:
does not include an amount payable under an acceleration clause (being an express or implied term in a credit contract which provides that, if there is a default, any amounts become payable (or may be called up as becoming payable) earlier than would be the case if there had not been a default).
The rules in sections 11(1A) and (1B), 12 to 14, 15(1)﻿(ca), and 16 apply with necessary modifications for the purposes of subsection (1).
declaring that any class of arrangements or facilities are not credit contracts:
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:
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).
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—
is satisfied, in the case of subsection (1)﻿(a), that the declaration—
is necessary or desirable to promote certainty about whether this Act applies; and
is not inconsistent with the purposes of this Act set out in section 3; and
would not cause significant detriment to consumers; and
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
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
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.
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.
The Minister may declare that the following are not credit contracts:
a particular arrangement or facility:
a class of arrangements or facilities associated with or involving 1 or more particular persons (for example, a type of product offered by a particular person or group of companies).
A power in this section may be exercised only if the Minister—
is satisfied that the declaration—
has consulted—
the persons or representatives of the persons who the Minister considers will be substantially affected by the declaration.
A declaration under this section—
must, as soon as practicable after it is made, be—
published on an Internet site maintained by or on behalf of the Ministry; and
The Minister’s reasons for making a declaration under this section (including why the declaration is appropriate) must be published together with the declaration.
A declaration under section 137A or 137B may be made subject to terms and conditions, including (without limitation) terms and conditions relating to—
the circumstances in which the declaration applies, whether by reference to any persons, arrangements, or facilities, or any other circumstances:
Nothing in this section prevents the granting of an exemption under section 138 that applies to a matter that is the subject of a declaration.
A failure to consult as required by section 137A or 137B does not affect the validity of a declaration.
A declaration under section 137A that something is a consumer credit contract prevails over a statement to the contrary in section 15.
exempting any person or class of persons from being a creditor under a consumer credit contract or class of consumer credit contracts for the purpose of this Act or applying any provision or provisions of this Act, and prescribing the terms and conditions (if any) of the exemption:
declaring any person or class of persons to be creditors under a consumer credit contract or class of consumer credit contracts:
setting advertising standards for the purposes of section 9C(3)﻿(b)﻿(i) (lender responsibility principles), which may include—
what advertisements must or must not contain:
the manner in which advertising must or may be done:
circumstances in which advertising must not be distributed to a person (including prohibitions on advertising):
prescribing, for the purposes of section 9C,—
inquiries that must be made before entering into, or making a material change to, an agreement, a guarantee, or an insurance contract:
processes, practices, and procedures that a lender should follow when making reasonable inquiries:
the way in which the results of the inquiries must be taken into account:
circumstances that would prevent a lender from being satisfied as to a matter:
Replace section 138(1)﻿(da) with:
in the case of circumstances that relate to securitisation or covered bond arrangements or similar arrangements,—
prescribing circumstances for the purposes of section 26A(3) and how Part 3A applies in those circumstances (which may include treating a contract manager as if they were a creditor for all or any purposes of Part 3A):
prescribing circumstances for the purposes of section 59B(4) and how section 59B applies in those circumstances (which may include requiring the directors and senior managers of a contract manager to exercise due diligence to ensure that a creditor complies with its duties under this Act):
prescribing modifications to other provisions that relate to the application, effect, or enforcement of those provisions:
After section 138(1)﻿(db), insert:
prescribing for the purposes of section 26B (disclosure about dispute resolution scheme and financial mentoring services),—
when information needs to be provided:
what information needs to be provided:
the manner in which that information needs to be provided:
providing for the calculation of matters in paragraph (b) or (c) of the definition of high-cost consumer credit contract:
prescribing a procedure or procedures for calculating the maximum rate of charge for the purposes of section 45H (rate cap):
prescribing, for the purposes of section 45H, the assumptions that may be made when calculating the maximum rate of charge and the terms and conditions (if any) that apply to those assumptions:
persons who, or services that, are exempt for the purposes of section 131C:
matters that the Commission must have regard to for the purposes of section 131H(2):
persons for the purposes of section 131I (notice of decisions):
information for the purposes of section 131J(2)﻿(c) (Commission must send certification details to Registrar):
changes in circumstances for the purposes of section 131R(1):
authorising the Commission to require payment of any costs incurred by the Commission in connection with an application or a notice referred to in subparagraph (vii)﻿:
authorising the Commission, in its discretion or on any grounds that are prescribed, to refund or waive all or any part of a prescribed fee, charge, or cost payable in connection with an application or a notice referred to in subparagraph (vii):
prescribing requirements in relation to annual returns for the purposes of section 116AAA, including the date by which the return must be provided and the 12-month period to which it must relate (by reference to annual dates):
prescribing information that must be disclosed under section 132A (disclosure about debt collection):
Regulations may be made under subsection (1)﻿(abb) (declaring any person or class of persons to be creditors) or (abc) (advertising) or (abd) (inquiries) only on the recommendation of the Minister, and the Minister may make a recommendation only after consulting the persons or representatives of the persons who the Minister considers will be substantially affected by the regulations.
Regulations may be made under subsection (1)﻿(jb) only on the recommendation of the Minister, and the Minister may make a recommendation only after consulting the Commission and representatives of the creditors that would be affected.
After section 138(3), insert:
Regulations may also contain different provisions in relation to different—
classes of lenders or creditors:
classes of borrowers or debtors:
classes of guarantors:
classes of agreements or contracts.
In Schedule 1AA, insert the cross-headings and clauses set out in Schedule 1 of this Act as the last provisions in Schedule 1AA and make all necessary consequential amendments.
if the contract is a high-cost consumer credit contract, a statement to that effect:
if the contract is a high-cost consumer credit contract or a related consumer credit contract, a statement of the effect of section 45E, which must include the maximum costs of borrowing, how the costs are calculated, and the total amount that is recoverable:
“The maximum costs of borrowing that you can be charged under this contract is $68. No other costs of borrowing may be charged or debited to your account.
if the contract is a high-cost consumer credit contract, a statement of the rate of charge under the contract, as required to be calculated in accordance with section 45H and the regulations:
In section 4, replace the definitions of credit contract and creditor with:
has the meaning given by section 7 of the Credit Contracts and Consumer Finance Act 2003:
includes a credit sale that is treated as a credit contract under section 16A (mobile trader credit sales) of that Act:
includes a contract that is declared to be a consumer credit contract under Part 6 of that Act:
does not include something that would otherwise be covered by paragraph (a), but that is not covered by paragraph (b) or (c), that—
is specified in section 15(1)﻿(a) or (b) of that Act; or
is a contract under which no interest charges, and no credit fees, as defined in section 5 of that Act, are payable; or
is declared not to be a credit contract under Part 6 of that Act
creditor has the same meaning as in section 5 of the Credit Contracts and Consumer Finance Act 2003 except that it also includes a person who is treated as a creditor under that Act in respect of a credit contract
After section 18(2), insert:
Before section 27(1)﻿(d), insert:
The person responsible for an approved dispute resolution scheme (A) must, if A has reasonable grounds to believe that a member that is a mobile trader has contravened or is likely to contravene the Credit Contracts and Consumer Finance Act 2003 in a material respect, communicate that fact to the Commerce Commission.
Communication under this section is treated as if it were communicated under section 67.
In Schedule 1AA, insert the Part set out in Schedule 2 of this Act as the last Part in Schedule 1AA and make all necessary consequential amendments.
Before the cross-heading above regulation 4A, insert:
Advertisements for high-cost consumer credit contracts
4AAA Advertisements for high-cost consumer credit contracts: financial mentoring services
This regulation applies to the following types of advertisement for a high-cost consumer credit contract:
the home page of the creditor’s Internet site:
any pages on an Internet site to which an advertisement links other than an advertisement on that Internet site:
print advertisements (for example, in newspapers, magazines).
The advertisement must disclose in a prominent manner the information about financial mentoring services described in regulation 5A(6) (disclosure about dispute resolution and financial mentoring services).
4AAB Advertisements for high-cost consumer credit contracts: risk statements
Every advertisement for a high-cost consumer credit contract must include a prominent statement that a high-cost consumer credit contract should not be used for long-term or regular borrowing, and is only suitable to address temporary, short-term cash needs.
Disclosure about dispute resolution and financial mentoring services
5A Disclosure about dispute resolution and financial mentoring services: hardship applications, arrears, credit declined, and complaints
This regulation is for the purposes of section 26B of the Act.
When information needs to be provided
The information required under section 26B(1)﻿(c) must be disclosed by the creditor as soon as practicable after the creditor receives an expression of dissatisfaction related to its services to which a response or a resolution is explicitly or implicitly expected (a complaint).
The information required under section 26B(2)﻿(a) must be disclosed in every payment reminder sent by a creditor to a borrower under a consumer credit contract.
The information required under section 26B(2)﻿(c) must be disclosed at the time when the creditor advises the person that their application for a high-cost consumer credit contract has been declined.
The following information must be disclosed about dispute resolution schemes:
the name of and contact details for the dispute resolution scheme of which the creditor is a member (unless the Financial Service Providers (Registration and Dispute Resolution) Act 2008 does not require the creditor to be a member of such a scheme):
an explanation of what that scheme provides:
that the scheme will not charge a fee to any complainant to investigate or resolve a complaint.
The following information must be disclosed about financial mentoring services:
that the person can ask for free and confidential budgeting and financial capability advice from MoneyTalks:
the contact details for MoneyTalks:
a link to MoneyTalks’ Internet site.
In this regulation, MoneyTalks means the financial capability helpline that is funded and directed by the Ministry of Social Development.
For the purposes of the definition of high-cost consumer credit contract, the weighted average annual interest rate must be calculated as follows:
6B Rate of charge
For the purposes of section 45H of the Act, the rate of charge must be calculated as follows:
is the total amount of charges (as defined in section 45H(5) of the Act) that is payable under the contract
is the rate of charge (percent)
is the number of days between the first advance under the contract and the final payment made, or anticipated to be made, under the contract
is day t
is the unpaid daily balance on that day excluding the amount of the costs of borrowing within the meaning of section 45E of the Act that have accrued under the contract.
A contract provides for a $500 loan with 200% interest pa and a $20 establishment fee with 4 weekly repayments. The contract provides for total interest and fees of $70.80 to be charged under the contract. The rate of charge calculation requires that amount to be divided by the sum of the daily balances of credit provided. In this case, that sum is $9,131.19. So the rate of charge is 0.775%.
For purposes of the definition of credit provided in section 45H(5) of the Act, the amount that must be excluded from the unpaid balance is the amount of the costs of borrowing within the meaning of section 45E of the Act that have accrued under the contract.
In clauses 7 to 11, unless the context otherwise requires,—
agreement means any credit contract, security agreement, lease, buy-back transaction, or other contract or arrangement to which the principal Act applies
existing agreement means an agreement entered into before the commencement of the relevant provision
new agreement means an agreement entered into after the commencement of the relevant provision
principal Act means the Credit Contracts and Consumer Finance Act 2003 as it read before the relevant provision of the 2019 Act commenced.
7 General rule: existing agreements
Except as provided for in clauses 8 to 10,—
an amendment to the principal Act in the 2019 Act does not apply to existing agreements:
the principal Act continues to apply for the purpose of existing agreements, and for the completion of a matter or thing or the bringing or completion of proceedings that relate to existing agreements, as if the relevant provision of the 2019 Act had not commenced.
8 Application to existing agreements: Royal assent commencement
The amendment made by section 16(1) (decreases) of the 2019 Act applies to variation disclosure that is required to be made after commencement.
The amendments made by sections 17(1), 18(1), and 19 (disclosure if creditor cannot locate) of the 2019 Act apply to disclosure that is required to be made after commencement.
The amendments made by the following sections of the 2019 Act apply to existing agreements in respect of disclosure that is required to be made after commencement:
section 22 (amendment to section 32(4)):
section 23 (amendments to section 35).
Statutory damages and other remedies and enforcement
The amendments made by section 28 (amendments to section 83J) of the 2019 Act apply in respect of enforcement action that occurs after commencement.
The amendments made by sections 30, 31, 32, and 34(2) of the 2019 Act apply in respect of existing agreements for breaches that occur after commencement.
The amendments made by section 35 of the 2019 Act apply to existing agreements on or after commencement to the extent that section 95A (court may reduce effect of failure to make disclosure) applies to the costs of borrowing, costs of the lease, or costs of the buy-back transaction (as the case may be) in relation to any period after commencement.
A creditor (C) and Ms S entered into a consumer credit agreement on 1 July 2019.
C failed to make initial disclosure. C can rely after commencement on section 95A in respect of that failure, but only in respect of costs of borrowing in relation to the period after commencement.
The amendments made by section 43 (pecuniary penalties) of the 2019 Act apply in respect of existing agreements for breaches or possible breaches that occur after commencement.
The amendments made by section 46 (enforceable undertakings) of the 2019 Act apply to breaches in respect of existing agreements, whether those breaches occurred or occur before, on, or after commencement.
9 Application to existing high-cost consumer credit contracts: 1 June 2020 commencement
The amendments made by section 25 (new subpart 6A of Part 2) of the 2019 Act apply to an existing agreement as set out in this clause.
Section 45E (costs of borrowing must not exceed loan advance) applies to an existing agreement as follows:
section 45E restricts maximum costs of borrowing under an existing agreement only if the parties to the agreement agree to change the agreement with effect after commencement; and
the rules in that section for calculating the first advance and whether a contract is a related consumer credit contract apply equally to all agreements (including those entered into before commencement).
Before commencement, Ms D borrows $100 from a creditor (C) under a consumer credit contract that has an annual interest rate of 500% pa and a term of 6 weeks. Section 45E does not limit the amount that can be recovered under that contract.
The first advance of $100 in the pre-commencement contract caps the maximum costs of borrowing under the new contract. The maximum costs of borrowing that Ms D will have to pay under the new contract is $100 - $32 = $68 (ie, the amount in interest and fees charged on the first contract ($32) is subtracted from the first advance of $100 to give a remaining cap of $68).
Sections 45F and 45G
In section 45F (certain high-cost consumer credit contracts with other creditors prohibited), an existing agreement counts in the same way as a new agreement for the purpose of determining whether a person has had an unpaid balance on any high-cost consumer credit contract at any time within the preceding 15 days.
In section 45G (high-cost consumer credit contracts with certain repeat debtors prohibited), an existing agreement counts in the same way as a new agreement for the purpose of determining whether a person has entered into a high-cost consumer credit contract at any time within the preceding 90 days.
10 Other application to existing agreements
The amendments to the principal Act made by section 10(1) and (8) of the 2019 Act apply to existing agreements in respect of material changes after commencement.
A creditor (C) increases the credit limit under an existing consumer credit agreement after 1 April 2021.
C must make reasonable inquiries about suitability and affordability before making the change. If C fails to comply, the debtor may seek statutory damages and C may be liable for civil pecuniary penalties as provided in Part 5A.
The amendments made by section 20 of the 2019 Act (disclosure about dispute resolution schemes and financial mentoring services) apply to existing agreements in the same way as they apply to new agreements (for example, disclosure is required if a complaint is made after commencement regardless of whether the agreement is an existing or a new agreement).
The amendments made by section 27 of the 2019 Act (duty of directors and senior managers of creditors) apply to duties and obligations of the creditor in respect of existing agreements that arise for performance after commencement or that continue to require performance after commencement.
The amendment made by section 33 of the 2019 Act applies in respect of existing agreements for breaches that occur after commencement.
The amendments made by sections 36 to 42 of the 2019 Act apply in respect of existing agreements for breaches that occur after commencement.
The amendments made by section 48 of the 2019 Act (directors and senior managers may also be liable for statutory damages or compensation) apply, in respect of existing agreements, for breaches that occur after commencement of duties or obligations of the creditor that arise for performance after commencement or that continue to require performance after commencement.
Section 131B (when person needs to be certified) of the principal Act (as inserted by section 50 of the 2019 Act) applies in respect of creditors or mobile traders who enter into a new credit contract, or agree a variation to an existing credit contract, after commencement.
The amendments made by section 51 of the 2019 Act (disclosure about debt collection) apply to all existing agreements to the extent that debt collection starts after commencement or a new person becomes a debt collector after commencement.
A creditor (C) and Ms S enter into a consumer credit agreement on 1 July 2019.
C starts debt collection on 1 May 2021. Section 132A will apply to the debt collector.
Application to new agreements
11 New agreements
The amendments to the principal Act in the 2019 Act apply to new agreements.
Section 41A(3) of the principal Act (as inserted by section 24 of the 2019 Act) applies to new agreements regardless of whether the change occurred before, on, or after commencement.
12 Creditors registered as financial service providers before 1 April 2021 and mobile traders
Subclause (2) applies to every creditor that is registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 as at the close of 31 March 2021 and that is required to be certified under Part 5A of this Act.
Subclause (5) applies to every creditor—
that has made an application to the Commerce Commission in accordance with section 131F no less than 2 months before the first due date referred to in subclause (2); and
that is registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 as at the close of 31 March 2021.
Subclause (5) also applies to every mobile trader that has made an application to the Commerce Commission in accordance with section 131F before 1 February 2021.
Section 131B does not apply to that person before the earlier of the following:
the close of the 20th working day after the person has failed to provide to the Commission any information that the Commission has required under section 131F(3) to assist it in determining the application:
the date on which the Commission gives a written notice of decision to the person under section 131I.
4 Creditors registered as financial service providers before commencement
This clause applies to every creditor that is registered under this Act as at the close of the day before commencement and that is required to be certified under Part 5A of the Credit Contracts and Consumer Finance Act 2003.
The date on and from which the creditor must be certified is the date in clause 12(2) or (5) (as the case may be) of Schedule 1AA of the Credit Contracts and Consumer Finance Act 2003, as amended by the Credit Contracts Legislation Amendment Act 2019.
Schedule 2 new Part 2 clause 4 heading: amended, on 30 April 2020, by section 34(1) of the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10).
Schedule 2 new Part 2 clause 4(1): amended, on 30 April 2020, by section 34(2) of the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10).
Schedule 2 new Part 2 clause 4(4): inserted, on 30 April 2020, by section 34(3) of the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10).
This is a reprint of the Credit Contracts Legislation Amendment Act 2019 that incorporates all the amendments to that Act as at the date of the last amendment to it.
COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (2020 No 10): sections 33, 34