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Credit Contracts and Consumer Finance Act 2003

Consumer leases, credit-related insurance, and buy-back transactions of land - Buy-back transactions of land

79: Request disclosure for buy-back transactions

You could also call this:

"Get information about a land buy-back deal in writing"

Illustration for Credit Contracts and Consumer Finance Act 2003

You can ask in writing for information about a buy-back transaction of land. You can ask for details like the amount and timing of payments. You can also ask for a copy of any disclosure statement that should have been given to you. The person you are asking must give you the information within 15 working days. They can charge a reasonable fee for giving you the information. You can ask for information like changes made to the transaction and a copy of the disclosure statement. The person does not have to give you the information if they already gave it to you in the last 3 months. They also do not have to give you the information if the transaction ended more than a year ago. You can also ask for a copy of the standard form contract terms used by the other person, see section 9J(4).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM213152.

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Topics:
Housing and property > Buying and selling homesMoney and consumer rights > Consumer protection
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"Some changes to loans don't need to be told to you"

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80: Unreasonable buy-back fees or buy-back default fees, or

"Fair buy-back fees: you shouldn't be charged too much to buy something back"

Part 3Consumer leases, credit-related insurance, and buy-back transactions of land
Buy-back transactions of land

79Request disclosure for buy-back transactions

  1. Every occupier under a buy-back transaction may request in writing that disclosure of any or all of the matters referred to in subsection (2) be made to the occupier by the transferee.

  2. The matters are as follows:

  3. the amount, timing, and number of payments to be made under the transaction:
    1. full particulars concerning any changes made to the transaction since the transaction was made:
      1. a copy of any disclosure statement that was provided or that should have been provided before the date on which the request is made.

        1. The transferee 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 transferee; or
          1. the date on which the transferee receives payment of a reasonable fee for the disclosure as specified by the transferee.

            1. However, the transferee 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 transferee; or
              1. the request is received by the transferee more than 1 year after the transaction 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 transferee).

                Notes
                • Section 79(5): inserted, on , by section 48 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).