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Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Debtor's right to cancel

31: Effect of credit sale cancellation

You could also call this:

"What happens when you cancel a credit sale"

Illustration for Credit Contracts and Consumer Finance Act 2003

If you cancel a consumer credit contract under section 27(1)(a), some rules apply. You still get the property or services you paid for. The creditor does not have to give back the money you paid.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM212775.

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Topics:
Money and consumer rights > Consumer protection
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30: Effect of cancellation, or

"What happens when your credit contract is cancelled"

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32: Disclosure standards, or

"Lenders must give you clear and accurate information when you borrow money"

Part 2Consumer credit contracts
Debtor's right to cancel

31Effect of credit sale cancellation

  1. If a consumer credit contract is cancelled under section 27(1)(a), section 30(1)(b) to (d) and (3) applies to the contract except that—

  2. the creditor need not return the cash price paid under section 27(1)(a) or any property forming part of the contract; and
    1. the creditor's obligation to provide the property or services to which the cash price relates continues.

      Compare
      • s 23(2)
      Notes
      • Section 31: amended, on , by section 25 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).