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Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Fees - Unreasonable fees

44B: Compliance with Code is evidence that fees are not unreasonable

You could also call this:

"Following the rules helps prove your fees are fair."

Illustration for Credit Contracts and Consumer Finance Act 2003

If you follow the rules in the Responsible Lending Code, it helps show that your credit fees or default fees are reasonable. The rules you must follow are the ones mentioned in section 9F(1)(b)(vii) of the Credit Contracts and Consumer Finance Act. When you comply with these rules, it is evidence that your fees are not too high.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6502069.

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Topics:
Money and consumer rights > Consumer protectionMoney and consumer rights > Banking and loans
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44A: Default fees, or

"What makes a default fee fair or unfair?"

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45: Fees or charges passed on by creditor, or

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Part 2Consumer credit contracts
Fees: Unreasonable fees

44BCompliance with Code is evidence that fees are not unreasonable

  1. For the purposes of this subpart, evidence of a creditor’s compliance with the provisions of the Responsible Lending Code referred to in section 9F(1)(b)(vii) is to be treated as evidence that a credit fee or a default fee is not unreasonable.

Notes
  • Section 44B: inserted, on , by section 31 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).