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Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Required disclosure - Continuing disclosure

18: Continuing disclosure

You could also call this:

"Getting regular updates on your credit contract"

Illustration for Credit Contracts and Consumer Finance Act 2003

You have to get certain information about your credit contract regularly. This information is similar to what you got when you first agreed to the contract, as outlined in section 19. You will get this information in continuing disclosure statements. You will get these statements at regular intervals. The time between statements depends on the type of credit contract you have. For some contracts, you will get a statement every 45 working days. For other contracts, you will get a statement every 6 months. There are some exceptions to this rule, which are explained in section 21. These exceptions can affect how often you get continuing disclosure statements.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM212759.

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Topics:
Money and consumer rights > Consumer protection
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"What you need to know before signing a credit contract"

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19: Content of continuing disclosure statement, or

"What's in your regular credit contract update?"

Part 2Consumer credit contracts
Required disclosure: Continuing disclosure

18Continuing disclosure

  1. Every creditor under a consumer credit contract must ensure that disclosure of as much of the information set out in section 19 as is applicable to the contract is made periodically to every debtor under the contract in continuing disclosure statements.

  2. The maximum period for a continuing disclosure statement is,—

  3. in the case of a revolving credit contract, 45 working days; or
    1. in any other case, 6 months.

      1. This section is subject to section 21.