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Credit Contracts and Consumer Finance Act 2003

Lender responsibilities - Publication of standard form contract terms and costs of borrowing

9J: Publication of standard form contract terms

You could also call this:

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

Illustration for Credit Contracts and Consumer Finance Act 2003

If you are a lender who uses standard form contract terms, you must make those terms publicly available. You do not have to do this if you have stopped offering agreements with those terms. When you make the terms available, you must display them clearly on your website if you have one, or display a notice in your business premises that people can get a copy of the terms for free. If someone asks for a copy of your standard form contract terms, you must give it to them straight away and for no charge. This is regardless of whether you have a website or business premises that people can visit. You can find more information about this law in the Credit Contracts and Consumer Finance Amendment Act 2014 and the Credit Contracts Legislation Amendment Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501328.

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Topics:
Money and consumer rights > Consumer protection
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9I: Amendment of Responsible Lending Code, or

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

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9K: Publication of costs of borrowing, or

"Lenders must clearly show how much it costs to borrow money from them."

Part 1ALender responsibilities
Publication of standard form contract terms and costs of borrowing

9JPublication of standard form contract terms

  1. Every lender who, in relation to an agreement, uses standard form contract terms must ensure that those terms are publicly available in accordance with this section.

  2. For the purposes of subsection (1), a lender does not use particular standard form contract terms if the lender has ceased to offer agreements that contain those terms.

  3. For the purposes of subsection (1),—

  4. if the lender has an Internet site, the lender must display prominently and clearly a copy of the standard form contract terms on that site; and
    1. if the lender operates from business premises that are accessible to the public, the lender must display prominently and clearly on those premises a notice that a copy of those terms is available on request (free of charge).

      1. The lender must, immediately after receiving the request of any person, supply a copy of its standard form contract terms, free of charge, to that person (regardless of whether subsection (3) applies).

      2. Repealed
      Notes
      • Section 9J: inserted, on , by section 9 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
      • Section 9J(5): repealed, on , by section 13 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).