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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

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

You could also call this:

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

Illustration for Credit Contracts and Consumer Finance Act 2003

A buy-back transaction is when you agree to buy back something. You must not be charged a buy-back fee or a buy-back default fee that is unreasonable. This means you should only pay a fair amount for buying something back.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM213153.

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Topics:
Money and consumer rights > Consumer protection
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79: Request disclosure for buy-back transactions, or

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

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81: Fees or charges passed on by transferee, or

"Transferee can't charge you more than they paid for fees or charges"

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

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

  1. A buy-back transaction must not provide for a buy-back fee or a buy-back default fee that is unreasonable.

  2. Repealed

  3. Repealed

  4. Repealed
Notes
  • Section 80(2): repealed, on , by section 49 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
  • Section 80(3): repealed, on , by section 49 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
  • Section 80(4): repealed, on , by section 49 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).