Plain language law

New Zealand law explained for everyone

Credit Contracts and Consumer Finance Act 2003

Miscellaneous provisions - Declarations about credit contracts and consumer credit contracts

137B: Declarations about particular arrangements or facilities

You could also call this:

"When the Minister says some deals are not credit contracts"

Illustration for Credit Contracts and Consumer Finance Act 2003

The Minister can declare that some arrangements or facilities are not credit contracts. You need to know the Minister can do this for a particular arrangement or a class of arrangements. The Minister must be satisfied the declaration is necessary and follows the purposes of the Act set out in section 3. The Minister must consider the economic substance of the arrangement and consult with the Commission and people affected. The Minister's reasons for making a declaration must be published with the declaration. A declaration under this section is secondary legislation, see Part 3 of the Legislation Act 2019 for publication requirements. The Minister has to follow rules when making a declaration, including being satisfied it does not harm consumers. You can find the declaration and the Minister's reasons for making it published together. This helps you understand why the Minister made the declaration.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS301510.

This page was last updated on — View changes

Topics:
Money and consumer rights > Consumer protection
Previous

137A: Class declarations about credit contracts and consumer credit contracts, or

"Rules about what makes a credit contract"

Next

137C: General provisions about all declarations, or

"Rules for Making Declarations About Consumer Credit Contracts"

Part 6Miscellaneous provisions
Declarations about credit contracts and consumer credit contracts

137BDeclarations about particular arrangements or facilities

  1. The Minister may declare that the following are not credit contracts:

  2. a particular arrangement or facility:
    1. a class of arrangements or facilities associated with or involving 1 or more particular persons (for example, a type of product offered by a particular person or group of companies).

      1. A power in this section may be exercised only if the Minister—

      2. is satisfied that the declaration—
        1. is necessary or desirable to promote certainty about whether this Act applies; and
          1. is not inconsistent with the purposes of this Act set out in section 3; and
            1. would not cause significant detriment to consumers; and
            2. has had regard to the economic substance of the relevant arrangement or facility; and
              1. has consulted—
                1. the Commission; and
                  1. the persons or representatives of the persons who the Minister considers will be substantially affected by the declaration.

                  2. Repealed

                  3. The Minister’s reasons for making a declaration under this section (including why the declaration is appropriate) must be published together with the declaration.

                  4. A declaration under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                  Notes
                  • Section 137B: inserted, on , by section 52 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
                  • Section 137B(3): repealed, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                  • Section 137B(5): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).