Credit Contracts

The CCCFA improves the information disclosure requirements for consumer credit transactions and regulates methods of interest charging, fees and payments. It also regulates consumer leases and allows for changes to the terms of contracts on the basis of hardship to a consumer. The CCCFA provides for the reopening of oppressive credit contracts, penalties if the Act is breached, and an enforcement role for the Commerce Commission.

The CCCFA also regulates home buy-back transactions by providing disclosure requirements on operators, restrictions on the fees payable by occupiers and tough penalties for breaches. The home buy-back schemes provisions of the CCCFA took effect on 14 October 2003 (CCCFA references: sub part 3 of Part 3, section 138, section 141(2) and (3) and Schedule 3).

Ministry publications for business

Information for credit providers

The Ministry of Consumer Affairs has an online Business Note which introduces credit providers ("creditors") to the CCCFA.

Credit Contracts and Consumer Finance Act - An Introduction for Creditors is also available in PDF format (160KB). (Instructions for obtaining the viewer). (June 2004)

Information for retailers - Credit Sales

Credit Sales for Retailers (October 2004) is available online and in PDF format (533kbs). (Instructions for obtaining the viewer). 

It is also available as a printed booklet, which can be ordered from the Ministry using our online Publications order form.

Commerce Commission publications

The Commerce Commission has released two publications on the CCCFA.  The publications are:

• Credit Contracts and Consumer Finance Act - A general guide for the credit industry
• Credit Contracts and Consumer Finance Act - What you need to know

Information about these publications is available directly from the Commerce Commission's website.

Information on Hire Purchase Act

A guide to the Hire Purchase Act and Credit Repossession Act  is available in this Business Information section. The information will remain after the commencement of the CCCFA, as the Hire Purchase Act may still apply to credit contracts entered into prior to 1 April 2005.

Accessing legislation

To view the complete text of the CCCFA, visit New Zealand Legislation [external website]. There is no charge to browse the statutes and regulations available on the New Zealand legislation website.

Regulations

To view the complete text of the CCCFA regulations in PDF format, visit the CCCFA Regulations page. 

Purchasing printed copies

Printed copies of Acts and Regulations are sold by Bennetts Bookshops and some Whitcoulls stores. Bennetts Bookshop in Wellington carries all legislation and provides a mail service throughout the country. Contact Bennetts Bookshop by phone 04 499 3433 or fax 04 499 3375.

Discussion papers on credit law

September 2009 Review of the Operation of the Credit Contracts and Consumer Finance Act 2003
- submissions close 16 November 2009

April 2004 - Credit Contracts and Consumer Finance Act - Proposed Model Disclosure statements