Credit Contracts and Consumer Finance Act 2003

Repossession of consumer goods under consumer credit contract - Rules that apply after repossession of consumer goods

83ZI: Creditor to give statement of account to debtor, guarantor, and other interested persons

You could also call this:

"Creditors must give you a statement of account after selling your goods."

Illustration for Credit Contracts and Consumer Finance Act 2003

If your consumer goods are sold under certain rules, the creditor must give you a statement of account within 7 days. This statement shows the amount of money the goods were sold for, the costs of the sale, and the amount needed to settle the contract. It also shows if you owe the creditor money or if they owe you money. If many items were sold, the statement should show how much each item was sold for, as well as the total amount. You should get this statement in writing, and it should be given to you and any other people involved, like guarantors. The creditor must follow these rules when selling consumer goods under the Credit Contracts and Consumer Finance Act 2003.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501402.

This page was last updated on 1 January 2026 — View changes

Topics:

Money and consumer rights > Consumer protection

83ZH: Extinguishment of creditor’s security interest and subordinate security interests on sale, or

"What happens to loans when you sell something you bought on credit"

83ZJ: Distribution of surplus, or

"What happens to leftover money after a creditor sells consumer goods"

Part 3ARepossession of consumer goods under consumer credit contract
Rules that apply after repossession of consumer goods

83ZICreditor to give statement of account to debtor, guarantor, and other interested persons

If consumer goods are sold pursuant to section 83Z or 83ZF, the creditor must, within 7 days after the sale of the consumer goods, give the debtor and every other person referred to in section 83G(1) a statement of account in writing, showing—
the amount of the gross proceeds of sale:
the amount of the costs of, and incidental to, the sale:
the amount required to settle the contract under section 83ZE as at the date of the sale:
the balance owing by the creditor to the debtor, or by the debtor to the creditor, as the case may be.

If more than 1 item of consumer goods has been sold separately, the statement of account must, if practicable, show the amount of the gross proceeds of sale of each item (as well as a total amount).

Compare

1997 No 85 s 33

Notes

Section 83ZI: inserted, on 6 June 2015, by section 51 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).