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Credit Contracts and Consumer Finance Act 2003

Lender responsibilities - How Responsible Lending Code made and administered

9I: Amendment of Responsible Lending Code

You could also call this:

"The Minister can change the rules for lending money to people."

Illustration for Credit Contracts and Consumer Finance Act 2003

The Minister can change or replace the Responsible Lending Code at any time. When the Minister makes changes to the Code, they must follow the rules set out in section 9G. However, if the changes are small and do not affect the Code much, the Minister does not have to follow all of the rules in section 9G(2)(a) to (f).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501326.

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Topics:
Money and consumer rights > Consumer protection
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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."

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9J: Publication of standard form contract terms, or

"Lenders must share their standard contract terms with the public for free."

Part 1ALender responsibilities
How Responsible Lending Code made and administered

9IAmendment of Responsible Lending Code

  1. The Minister may, at any time, amend or replace the Responsible Lending Code.

  2. Section 9G applies, with any necessary modifications, to any amendment to, or replacement of, the Code.

  3. However, in the case of a minor amendment that does not materially affect the Code, the Minister need not comply with section 9G(2)(a) to (f).

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