Credit Contracts and Consumer Finance Act 2003

Certification and fit and proper person requirements - Conditions of certification

131N: Procedure for variation of conditions

You could also call this:

"How the Commission changes or refuses to change contract conditions"

Illustration for Credit Contracts and Consumer Finance Act 2003

The Commission cannot change conditions or refuse a change without telling you first. You get at least 10 working days' notice of what the Commission plans to do and why. The Commission must give you a chance to comment on the matter in writing during that time.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS502528.

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131M: Certified person may apply for variation of conditions, or

"Apply to change your certification conditions"


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131O: Duration of certification, or

"How long your certification lasts"

Part 5ACertification and fit and proper person requirements
Conditions of certification

131NProcedure for variation of conditions

  1. The Commission must not exercise a power under section 131L(1)(b) (except on an application under section 131M), or refuse an application for a variation under section 131M, unless—

  2. the Commission gives the certified person no less than 10 working days’ written notice of the following matters before it exercises the power:
    1. that the Commission may exercise the power; and
      1. the reasons why it may exercise the power; and
      2. the Commission gives the certified person or their representative an opportunity to make written submissions on the matter within that notice period.
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        Notes
        • Section 131N: inserted, on , by section 50 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).