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Credit Contracts and Consumer Finance Act 2003

Consumer leases, credit-related insurance, and buy-back transactions of land - Credit-related insurance, repayment waivers, and extended warranties

70: Disclosure of credit-related insurance, repayment waiver, or extended warranty

You could also call this:

"Getting information about insurance or extras with your loan or lease"

Illustration for Credit Contracts and Consumer Finance Act 2003

If you have a consumer credit contract or consumer lease with credit-related insurance, the creditor or lessor must give you a copy of the insurance terms before it is arranged. You must get a copy of the terms of any repayment waiver or extended warranty before it is arranged. The creditor or lessor is involved in arranging the insurance if they are the insurer, act as the agent, receive a commission, or require you to get the insurance from a particular insurer.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM213140.

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Topics:
Money and consumer rights > Consumer protection
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Part 3Consumer leases, credit-related insurance, and buy-back transactions of land
Credit-related insurance, repayment waivers, and extended warranties

70Disclosure of credit-related insurance, repayment waiver, or extended warranty

  1. If a consumer credit contract or consumer lease involves credit-related insurance and that insurance was arranged by the creditor under the contract or by the lessor under the lease, the creditor or the lessor must ensure that every insured person is supplied with a copy of the terms of the credit-related insurance (other than terms implied by law) before the credit-related insurance is arranged.

  2. If a consumer credit contract or consumer lease involves a repayment waiver or an extended warranty, every creditor under the contract or lessor under the lease must ensure that every debtor under the contract or lessee under the lease is supplied with a copy of the terms of the repayment waiver or extended warranty (other than terms implied by law) before the repayment waiver or extended warranty is arranged.

  3. For the purposes of this section, insurance is arranged by the creditor or lessor if 1 or more of the following applies:

  4. the creditor or lessor or a related company of the creditor or lessor is the insurer:
    1. the creditor or lessor or a related company of the creditor or lessor acts as the agent of the insurer in relation to the insurance:
      1. the creditor or lessor or a related company of the creditor or lessor receives a commission in relation to the insurance:
        1. the creditor or lessor requires the debtor or lessee to obtain the insurance from a particular insurer or particular insurers.

          Notes
          • Section 70(1): amended, on , by section 46(1) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
          • Section 70(2): amended, on , by section 46(2) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
          • Section 70(3)(d): amended, on , by section 46(3) of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).