New Zealand Credit Contracts and Consumer Finance Act 2003
Part 3A: Repossession of consumer goods – New Zealand Credit Contracts and Consumer Finance Act 2003

New Zealand Credit Contracts and Consumer Finance Act 2003 83U-83ZM: After repossession: post-repossession notice, 15-day hold, offer goods for sale at the best price, debtor rights to reinstate, settle, introduce a buyer or force sale, statement of account and surplus

What does 83U-83ZM require?

Within the set time after repossession the debtor, guarantors and other secured creditors and other secured creditors must be served with a post-repossession notice stating the estimated value, the reinstatement and settlement figures and the debtor's rights. The creditor must not sell or dispose of the goods until 15 days after service of that notice (with the consequences in section 83X for early sale), must then put the goods up for sale as soon as it reasonably can and obtain the best price reasonably obtainable under the sale rules, must allow the debtor to obtain a valuation, to reinstate the contract by remedying the default and paying reasonable costs, to settle, to introduce a buyer or to require sale, must give a statement of account within the required time after sale, must distribute any surplus and may recover a shortfall from the debtor only within the limit section 83ZM sets.

Maintained by Gerard Blokdyk

Other controls in Part 3A: Repossession of consumer goods – New Zealand Credit Contracts and Consumer Finance Act 2003

Query this from an agent

The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.