This weekend marks major changes to NZ consumer credit laws. The Credit Contracts and Consumer Finance Amendment Act 2014 makes significant changes to the Credit Contracts and Consumer Finance Act 2003. Most of the changes come into force this Saturday 6 June 2015. While the changes are aimed at protecting vulnerable consumers, they will undoubtedly increase compliance costs for lenders.
The new regime applies to all lenders who provide consumer credit, take security over consumer goods, or enter into buy-back transactions. Lenders include banks, car dealers, and pawnbrokers.
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