Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Required disclosure - Request and guarantee disclosure

26A: Disclosure of transfer of rights of creditor under consumer credit contract

You could also call this:

"When someone you owe money to sells your debt, they must tell you who the new owner is."

Illustration for Credit Contracts and Consumer Finance Act 2003

When a creditor sells your debt to another creditor, they must tell you about it. They have to give you the new creditor's name, address, and contact details. They also have to tell you the new creditor's registration number and the name they are registered under. The creditor must tell you about the dispute resolution scheme the new creditor belongs to, unless the Financial Service Providers (Registration and Dispute Resolution) Act 2008 does not require this. They have to tell you the date the debt was transferred and how this affects you. They must also tell you that the transfer does not change the terms of your contract, except for who the creditor is. The creditor has to tell you all this within 10 working days of the transfer happening. However, they do not have to tell you if they cannot find you. There are also some special circumstances where the creditor does not have to tell you about the transfer.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6502038.

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

Topics:

Money and consumer rights > Consumer protection

26: Disclosure of changes to guarantors, or

"Lenders must tell guarantors about changes to a loan within five working days."

26B: Disclosure about dispute resolution schemes and financial mentoring services: hardship applications, arrears, credit declined, and complaints, or

"What to know when you have credit problems or complaints"

Part 2Consumer credit contracts
Required disclosure: Request and guarantee disclosure

26ADisclosure of transfer of rights of creditor under consumer credit contract

Every creditor who transfers (whether by assignment or operation of law) the rights of that person under a consumer credit contract to another creditor (the new creditor) must ensure that the disclosure of the following information is made to every debtor and guarantor under the contract:
the name, address, and other contact details of the new creditor:
the new creditor's registration number under the register of financial service providers and the name under which the new creditor is registered under that register:
the name and contact details of the dispute resolution scheme of which the new creditor is a member (unless the Financial Service Providers (Registration and Dispute Resolution) Act 2008 does not require the new creditor to be a member of such a scheme):
the date on which the rights were, or are to be, transferred to the new creditor:
the impact (if any) of the transfer on the debtor:
that the transfer does not affect the terms of the contract that the debtor entered into (other than terms relating to the identity of the creditor).

Disclosure under this section must be made within 10 working days of the day on which the transfer takes effect.
This section does not apply in the prescribed circumstances (being circumstances that relate to securitisation or covered bond arrangements or similar arrangements).
Disclosure under this section is not required in relation to a particular debtor or guarantor if the creditor cannot reasonably locate the debtor or guarantor, as the case may be.

Notes

Section 26A: inserted, on 6 June 2015, by section 22 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).
Section 26A(4): inserted, on 20 December 2019, by section 19 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).