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Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Payments - Prepayments

52A: Rebate of repayment waiver

You could also call this:

"Getting money back when you don't need a repayment waiver"

Illustration for Credit Contracts and Consumer Finance Act 2003

If you have a repayment waiver, a certain amount will be deducted. This amount is a proportionate rebate of the extra cost you paid for the waiver, as explained in section 51. You calculate the rebate using a set procedure, if one is provided.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6502084.

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Topics:
Money and consumer rights > Consumer protection
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"Getting a refund for insurance when you pay off a loan early"

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Part 2Consumer credit contracts
Payments: Prepayments

52ARebate of repayment waiver

  1. In the case of a repayment waiver, an amount to be deducted under section 51 is an amount equal to a proportionate rebate of the additional consideration paid for that waiver.

  2. The rebate must be calculated using the procedure (if any) prescribed for the purposes of this section.

Notes
  • Section 52A: inserted, on , by section 36 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).