Plain language law

New Zealand law explained for everyone

Credit Contracts and Consumer Finance Act 2003

Preliminary provisions

6: Meaning of credit

You could also call this:

"What credit means: getting time to pay for something"

Illustration for Credit Contracts and Consumer Finance Act 2003

When you enter a contract, you get credit if someone lets you delay paying a debt. You can delay paying a debt you already have. You can also delay paying for something you buy, like property or services, all or part of the cost.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM212732.

This page was last updated on — View changes

Topics:
Money and consumer rights > Consumer protectionMoney and consumer rights > Banking and loans
Previous

5: Interpretation, or

"What special words mean in the Credit Contracts and Consumer Finance Act"

Next

7: Meaning of credit contract, or

"What is a credit contract?"

Part 1Preliminary provisions

6Meaning of credit

  1. In this Act, unless the context otherwise requires, credit is provided under a contract if a right is granted by a person to another person to—

  2. defer payment of a debt; or
    1. incur a debt and defer its payment; or
      1. purchase property or services and defer payment for that purchase (in whole or in part).