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Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Provisions relating to debtors under high-cost consumer credit contracts - Review of subpart

45L: Review of subpart

You could also call this:

"The Minister checks if this law is working well after 3 years."

Illustration for Credit Contracts and Consumer Finance Act 2003

The Minister has to review how well this part of the law is working after 3 years. You will see the Minister looking at whether the interest rate for high-cost loans is too high. The Minister must write a report and give it to the House of Representatives when it is finished.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS352926.

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Topics:
Money and consumer rights > Consumer protectionMoney and consumer rights > Banking and loansGovernment and voting > Government departments
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Part 2Consumer credit contracts
Provisions relating to debtors under high-cost consumer credit contracts: Review of subpart

45LReview of subpart

  1. The Minister must, as soon as practicable after the expiry of 3 years from the commencement of this section,—

  2. review the operation and effectiveness of this subpart; and
    1. prepare a report on that review.

      1. The review must consider, in particular, whether the interest rate that defines a high-cost consumer credit contract should be reduced to a rate between 30% and 50%.

      2. The Minister must present the report to the House of Representatives as soon as practicable after it has been completed.

      Notes
      • Section 45L: inserted, on , by section 25 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).