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Credit Contracts and Consumer Finance Act 2003

Repossession of consumer goods under consumer credit contract - Prohibitions relating to security interest over certain consumer goods

83ZO: Contravening provision of no effect

You could also call this:

"Breaking rules in a contract makes the bad part not count"

Illustration for Credit Contracts and Consumer Finance Act 2003

If a consumer credit contract breaks the rules in section 83ZN, the part that breaks the rules has no effect. You enter a contract that is still valid, but the part that breaks the rules is not.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501409.

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Topics:
Money and consumer rights > Consumer protection
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83ZN: Consumer credit contract may not provide for security interest over certain consumer goods, or

"Lenders can't take certain personal items if you can't pay back a loan"

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Part 3ARepossession of consumer goods under consumer credit contract
Prohibitions relating to security interest over certain consumer goods

83ZOContravening provision of no effect

  1. A provision of a consumer credit contract that contravenes section 83ZN is of no effect to the extent of the contravention.

Notes
  • Section 83ZO: inserted, on , by section 51 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
  • Section 83ZO: amended, on , by section 30 of the Regulatory Systems (Economic Development) Amendment Act 2019 (2019 No 62).