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Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Required disclosure - Request and guarantee disclosure

24: Request disclosure

You could also call this:

"Ask your lender for information about your loan or credit contract"

Illustration for Credit Contracts and Consumer Finance Act 2003

You can ask your creditor to tell you about certain things in your consumer credit contract. You can ask about things like how much you owe or any changes to your contract. You can also ask for a copy of your contract or any disclosure statements you should have received. You need to ask in writing and the creditor has to respond within 15 working days. They might charge you a fee for this information, but they have to tell you how much it will cost. The creditor does not have to give you the information if they have already told you in the last three months or if your contract has ended more than a year ago. You can also ask for information like the effect of paying off part of your debt early or the amount of any fees. The creditor has to give you this information if you ask for it in writing. You can find more information in Schedule 1 or section 19 about what you can ask for. You can also look at section 21 and section 18 for more details. Check section 9J(4) for more information about getting a copy of the standard form contract terms.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM212767.

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Topics:
Money and consumer rights > Consumer protection
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25: Disclosure of guarantee, or

"What you need to know when guaranteeing a loan"

Part 2Consumer credit contracts
Required disclosure: Request and guarantee disclosure

24Request disclosure

  1. Every debtor or guarantor under a consumer credit contract may request in writing that disclosure of any or all of the matters referred to in subsection (2) be made to them by the creditor.

  2. The matters are as follows:

  3. the effect of a part prepayment on the debtor's obligations under the consumer credit contract:
    1. full particulars concerning any changes made to the consumer credit contract since the contract was made:
      1. the amount of any fee or charge payable on a part prepayment and how that amount is calculated:
        1. the amount required for full prepayment at a specified date and how that amount is calculated:
          1. the unpaid balance, including the amount of any interest charge outstanding (calculated as at the date that the disclosure statement is prepared):
            1. the information specified in paragraph (o) of Schedule 1:
              1. a continuing disclosure statement containing as much of the information specified in section 19 as is applicable to the consumer credit contract for any reasonable statement period specified by the debtor or guarantor.

                1. Subsection (2)(g) does not apply if, under section 21, disclosure under section 18 is not required.

                2. Every debtor or guarantor under a consumer credit contract may also request in writing that the creditor provide them with a copy of—

                3. any disclosure statement that was provided, or that should have been provided, before the date on which the request is made:
                  1. the contract between the debtor and the creditor.

                    1. The creditor must comply with the request for disclosure within 15 working days of the later of—

                    2. the date that the request is received by the creditor; or
                      1. the date on which the creditor receives payment of a reasonable fee for the disclosure as specified by the creditor.

                        1. However, the creditor does not have to comply with the request for disclosure if—

                        2. disclosure of the matter that is requested has been made to the person making the request during the 3 months before the receipt of the request by the creditor; or
                          1. the request is received by the creditor more than 1 year after the consumer credit contract has come to an end.

                            1. See section 9J(4) (which allows any person to request a copy of the standard form contract terms used by a creditor).

                            Compare
                            • s 19
                            Notes
                            • Section 24(2)(g): replaced, on , by section 20(1) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
                            • Section 24(2A): inserted, on , by section 20(2) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
                            • Section 24(2B): inserted, on , by section 20(2) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
                            • Section 24(5): inserted, on , by section 20(3) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).