New Zealand Credit Contracts and Consumer Finance Act 2003 133-137: No contracting out: the Act applies despite contrary terms, with set-off rights and the treatment of changes, deferrals and illegal contracts

What does 133-137 require?

The Act prevails over any contrary term in the credit contract, the guarantee, the lease or the buy-back, and the 2017 contract and commercial law statute's section 197 is read subject to it. Changes, deferrals or postponements under a contract are treated as section 133 provides, a debtor retains the right of set-off against an assignee, the law on illegal contracts applies as section 136 states, and the conflict of laws rule in section 137 prevents the choice of a foreign law from avoiding the Act for contracts with a New Zealand connection.