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Credit Contracts and Consumer Finance Act 2003

Lender responsibilities - How Responsible Lending Code made and administered

9G: Preparation and issue of Responsible Lending Code

You could also call this:

"The Minister creates and shares the Responsible Lending Code to help with fair borrowing rules."

Illustration for Credit Contracts and Consumer Finance Act 2003

The Minister must prepare and issue the Responsible Lending Code. You need to know the Minister can use any process to develop the Code. The Minister must release a draft Code to the public and consult with people who will be affected by it. The Minister must consider comments on the draft Code and prepare a revised Code. The Minister also needs to consult the Minister of Commerce and the Minister of Finance. The Minister must consider comments from these Ministers. The Code is secondary legislation, which means it has its own rules for publication, as outlined in Part 3 of the Legislation Act 2019. The Code may have different start dates for different parts, but no date can be before 28 days after it is published. This is how the Responsible Lending Code is prepared and issued.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501324.

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Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Fair trading
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9F: Content of Responsible Lending Code, or

"Rules to Help Lenders Make Fair Decisions"

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9H: Responsible Lending Code comes into force by notice in Gazette, or

"When the Responsible Lending Code is published, it becomes a law."

Part 1ALender responsibilities
How Responsible Lending Code made and administered

9GPreparation and issue of Responsible Lending Code

  1. The Minister must prepare and issue the Responsible Lending Code.

  2. The Minister may use any process that the Minister considers appropriate to develop the Code, but must—

  3. release a draft Code to the public:
    1. consult persons, or representatives of such persons, that the Minister considers will be substantially affected by the Code:
      1. consider comments received on the draft Code:
        1. prepare a revised Code in response to comments received:
          1. consult the Minister of Commerce and the Minister of Finance:
            1. consider comments received from those Ministers:
              1. issue the Code.

                1. The Code may specify different commencement dates for different provisions, but no date may be before the 28th day after the date on which the Code is published in accordance with subsection (4).

                2. Repealed

                3. Repealed

                4. The Code is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                Notes
                • Section 9G: inserted, on , by section 9 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
                • Section 9G(2)(a): amended, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                • Section 9G(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                • Section 9G(3A): repealed, on , by section 9G(3B).
                • Section 9G(3B): repealed, on , by section 9G(3B).
                • Section 9G(4): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).