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Credit Contracts and Consumer Finance Act 2003

Enforcement and remedies - Application of Commerce Act 1986 and provisions relating to Commerce Commission

116AAA: Requirement for annual return

You could also call this:

"Send a yearly report to the Commission if you lend money to consumers"

Illustration for Credit Contracts and Consumer Finance Act 2003

You have to give an annual return to the Commission if you are a creditor under a consumer credit contract. You must provide this return in the way the Commission says you should. The Commission might ask you for statistical information about your business. You have to give the annual return before a certain date and it must be about a specific 12-month period. You do not have to give information about a specific person or information you do not have or cannot get. The Commission has rules about how you give the annual return, which you must follow. The rules for giving the annual return were updated by the Credit Contracts Legislation Amendment Act 2019. You must provide the return in the prescribed manner and before the prescribed date. This is a requirement for every creditor under a consumer credit contract.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS626623.

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Part 4Enforcement and remedies
Application of Commerce Act 1986 and provisions relating to Commerce Commission

116AAARequirement for annual return

  1. Every creditor under a consumer credit contract must provide an annual return to the Commission in the prescribed manner.

  2. The prescribed manner may include a requirement to provide statistical information in relation to the creditor’s business (including its loan book).

  3. The annual return must be provided before the prescribed date and relate to the prescribed 12-month period.

  4. Nothing in this section requires the creditor to provide—

  5. information about an identifiable individual; or
    1. information that is neither in the possession or control of the creditor nor reasonably ascertainable from information that is in the possession or control of the creditor.

      Notes
      • Section 116AAA: inserted, on , by section 47 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).