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Credit Contracts and Consumer Finance Act 2003

Enforcement and remedies - Offences

103: Other offences

You could also call this:

"Breaking finance rules can lead to big fines or even prison time"

Illustration for Credit Contracts and Consumer Finance Act 2003

If you are a creditor, lender, or creditor's agent, and you break certain rules, you commit an offence. You can be fined up to $200,000 if you are an individual, or up to $600,000 if you are a company. You must follow the rules in sections like 9J and 9K. If you are a transferee and you break the rules in section 75, you commit an offence. You can be imprisoned for up to 1 year, or fined up to $200,000, or both, if you are an individual. You can be fined up to $600,000 if you are a company. If you act against an order made under section 108, you commit an offence. You can be imprisoned for up to 3 months, or fined up to $200,000, or both, if you are an individual. You can be fined up to $600,000 if you are a company. If you make a false statement in a document for section 116AAA or Part 5A, you commit an offence. You can be fined up to $200,000 if you are an individual, or up to $600,000 if you are a company.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM213185.

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Topics:
Money and consumer rights > Banking and loansCrime and justice > Criminal law
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102A: Infringement offences, or

"Breaking the rules about lending money or goods can lead to fines"

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104: Conviction for 2 or more offences, or

"Breaking the same finance rule more than once has a limited total fine."

Part 4Enforcement and remedies
Offences

103Other offences

  1. Every creditor, lender, creditor's agent, lessor, transferee, or buy-back promoter who breaches any of the provisions of sections 9J, 9K, 17 to 74 (except sections 41 and 41A, subpart 6A of Part 2, and section 59B), 76 to 82, 83E, 83F, 83G, 83O, 83P, 83S, 83T, 83ZN, and 132A commits an offence and is liable on conviction,—

  2. in the case of an individual, to a fine not exceeding $200,000; and
    1. in the case of a body corporate, to a fine not exceeding $600,000.

      1. However, a breach of section 83E(1)(c) is not an offence under subsection (1).

      2. Every transferee who breaches section 75 commits an offence and is liable on conviction,—

      3. in the case of an individual, to imprisonment for a term not exceeding 1 year or to a fine not exceeding $200,000, or both; and
        1. in the case of a body corporate, to a fine not exceeding $600,000.

          1. Every person who acts in breach of an order made under section 108 commits an offence and is liable on conviction,—

          2. in the case of an individual, to imprisonment for a term not exceeding 3 months or to a fine not exceeding $200,000, or both; and
            1. in the case of a body corporate, to a fine not exceeding $600,000.

              1. Conduct that constitutes an offence under section 102A does not constitute an offence under this section.

              2. Every person commits an offence if, with respect to a document required by or for the purposes of section 116AAA or Part 5A, the person makes, or authorises the making of, a statement in the document that is false or misleading in a material particular if the person knows it to be false or misleading, and is liable on conviction,—

              3. in the case of an individual, to a fine not exceeding $200,000; and
                1. in the case of a body corporate, to a fine not exceeding $600,000.

                  Notes
                  • Section 103: replaced, on , by section 68 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
                  • Section 103(1): amended, on , by section 40(2) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
                  • Section 103(1): amended, on , by section 40(1) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
                  • Section 103(1): amended, on , by section 33(1) of the Regulatory Systems (Economic Development) Amendment Act 2019 (2019 No 62).
                  • Section 103(1): amended, on , by section 33(2) of the Regulatory Systems (Economic Development) Amendment Act 2019 (2019 No 62).
                  • Section 103(6): inserted, on , by section 40(3) of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).