Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Required disclosure - Variation disclosure

22: Disclosure of agreed changes

You could also call this:

"When credit contract changes are agreed, the lender must tell you about them."

Illustration for Credit Contracts and Consumer Finance Act 2003

If you agree to change a consumer credit contract, the creditor must tell you about the changes. They must tell you the full details of the change and any other information required by regulations. The creditor must tell you about the changes before they happen. If the change reduces your obligations, extends the payment time, releases a security interest, or changes your credit limit, the creditor can tell you in a different way. They can tell you within five working days of the change or when they next send you a disclosure statement, as required under section 18. This rule does not apply to high-cost consumer credit contracts. You can find more information about applications under section 55.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM212764.

This page was last updated on 1 January 2026 — View changes

Topics:

Money and consumer rights > Consumer protection

21: Continuing disclosure not required, or

"When you don't need regular updates on your credit contract"

23: Disclosure of changes following exercise of power, or

"When credit contract details change, you must be told within 5 working days"

Part 2Consumer credit contracts
Required disclosure: Variation disclosure

22Disclosure of agreed changes

Every creditor under a consumer credit contract must ensure that disclosure of the following information is made to every debtor under the contract if the parties to the contract agree to change the contract:
full particulars of the change:
any other information prescribed by regulations to be information that must be disclosed under this section.

Disclosure under this section must be made before the change takes effect.
Despite subsection (2), disclosure may, instead of being made in accordance with that subsection, be made in accordance with subsection (4), but only if the change is one that—
reduces the obligations that the debtor would otherwise have, unless the obligations are reduced following an application under section 55; or
extends the time for payment of any payment to be made under the contract, unless the time for payment is extended following an application under section 55; or
releases the whole or any part of a security interest relating to the contract; or
increases or decreases any credit limit under the consumer credit contract.

The disclosure referred to in subsection (3) may be made, at the creditor's discretion, either—
within 5 working days of the day on which the change takes effect; or
if the creditor is required to make continuing disclosure under section 18, at the same time as the creditor provides the debtor with the next continuing disclosure statement (as required under that section) after the change takes effect.

Subsection (4) does not apply to a high-cost consumer credit contract.

Compare

s 17

Notes

Section 22(3): amended, on 6 June 2015, by section 18(1) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Section 22(3)(d): replaced, on 6 June 2015, by section 18(2) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Section 22(3)(d): amended, on 20 December 2019, by section 16(1) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
Section 22(4): inserted, on 6 June 2015, by section 18(3) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Section 22(5): inserted, on 1 May 2020, by section 16(2) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).