New Zealand Credit Contracts and Consumer Finance Act 2003
New Zealand's consumer credit statute as administered by the FMA from 1 July 2026: the lender responsibility principles and records, publication of terms and costs, the full disclosure regime, cancellation, interest and fee controls, the high-cost credit caps, payments and prepayment, hardship, consumer leases, buy-backs and credit-related insurance, the repossession code, compliance programmes, FMA orders, the enforcement bars, penalty restrictions, oppression, debt collection disclosure and no contracting out.
New Zealand Credit Contracts and Consumer Finance Act 2003 is a compliance framework from New Zealand with 6 domains and 32 controls. The largest domains are Part 2: Consumer credit contracts (disclosure, cancellation, interest, fees, high-cost credit, payments, hardship) – New Zealand Credit Contracts and Consumer Finance Act 2003 (14 controls), Part 3A: Repossession of consumer goods – New Zealand Credit Contracts and Consumer Finance Act 2003 (5 controls), Part 4: Enforcement, remedies, offences, defences and penalties – New Zealand Credit Contracts and Consumer Finance Act 2003 (4 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (6)
Part 1A: Lender responsibilities – New Zealand Credit Contracts and Consumer Finance Act 2003
| Code | Title |
|---|---|
| new-zealand-credit-contracts-and-consumer-finance-act-2003::9C | Comply with the lender responsibility principles: care, diligence and skill, affordability and suitability inquiries, informed decisions, reasonable and ethical treatment |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::9CA | Keep records of the section 9C inquiries and make them available to the FMA and dispute resolution schemes |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::9J-9L | Publish standard form contract terms and all costs of borrowing on the website and at business premises |
Part 2: Consumer credit contracts (disclosure, cancellation, interest, fees, high-cost credit, payments, hardship) – New Zealand Credit Contracts and Consumer Finance Act 2003
| Code | Title |
|---|---|
| new-zealand-credit-contracts-and-consumer-finance-act-2003::17 | Initial disclosure: give the Schedule 1 key information and all other terms before the contract is entered into |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::18-21 | Continuing disclosure: periodic statements within 45 working days for revolving credit or six months otherwise, with the section 19 content |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::22-23 | Disclose agreed changes before they take effect and unilateral changes within the required time |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::24 | Request disclosure: answer a debtor's or guarantor's written request within the required time |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::25-26AB | Guarantee disclosure: give guarantors the terms and the key information before the guarantee, and disclose later changes |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::26A | Disclose a transfer of the creditor's rights to every debtor and guarantor, including the new creditor's registration details |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::26B | Disclose dispute resolution scheme and financial mentoring information at hardship, arrears, decline and complaint points |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::27-31 | Honour the debtor's right to cancel within five working days of initial disclosure and settle the consequences |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::32-35 | Disclosure standards: written, complete, clear and concise, not misleading, in the prescribed form, delivered by a permitted method |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::36-40 | Interest charges: specify annual rates, no early debit or payment of interest, the daily interest limit and default interest only on the overdue amount |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::41-45 | Fees: no unreasonable credit or default fees, document how each fee was calculated, review fees, and pass on only actual third-party charges |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::45A-45L | High-cost consumer credit contracts: total cost cap, no repeat lending within the limits, 0.8 percent daily rate cap, no compound interest, default fee limits and no avoidance |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::46-54 | Payments: credit payments on receipt, accept part and full prepayment, calculate the prepayment amount and rebate insurance, waivers and warranties |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::55-59A | Unforeseen hardship: acknowledge, request information, decide and notify within the statutory timetable, and give reasons for a refusal |
Part 3: Consumer leases, credit-related insurance and buy-back transactions – New Zealand Credit Contracts and Consumer Finance Act 2003
| Code | Title |
|---|---|
| new-zealand-credit-contracts-and-consumer-finance-act-2003::60-68 | Consumer leases: initial, variation and request disclosure and the amount payable on termination |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::69-70 | Credit-related insurance, repayment waivers and extended warranties: no unreasonable products, no compulsion and disclose before the sale |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::71-83 | Buy-back transactions of land: initial, variation and request disclosure, independent legal advice, promoter duties and reasonable fees |
Part 3A: Repossession of consumer goods – New Zealand Credit Contracts and Consumer Finance Act 2003
| Code | Title |
|---|---|
| new-zealand-credit-contracts-and-consumer-finance-act-2003::83E-83K | Before repossession: default or goods at risk, goods specifically identified, a repossession warning notice served, and no action while a complaint or hardship application is pending |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::83L-83M | Disabling devices: activate only under a contractual right, after the warning notice period and never in the circumstances the Act forbids |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::83N-83T | At repossession: allow the remedy period, produce documents on entry, follow the entry rules, respect residential hours and use only authorised repossession agents |
| 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 |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::83ZN-83ZR | Prohibited security interests: no security over essential household goods, tools of trade or after-acquired consumer goods except as the Act allows |
Part 4: Enforcement, remedies, offences, defences and penalties – New Zealand Credit Contracts and Consumer Finance Act 2003
| Code | Title |
|---|---|
| new-zealand-credit-contracts-and-consumer-finance-act-2003::107A-107E | Pecuniary penalties: no indemnity and no insurance for penalties or defence costs where the breach is established |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::84 | Maintain a compliance programme that supports the reasonable mistake defence |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::92A-92K | Comply with FMA stop orders, interim stop orders and direction orders |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::99-102 | Do not enforce a contract, security, guarantee, lease or buy-back before the required disclosure is made, nor while unregistered as a financial service provider |
Parts 5 and 6: Oppressive contracts, debt collection disclosure, no contracting out, regulations and transitional provisions – New Zealand Credit Contracts and Consumer Finance Act 2003
| Code | Title |
|---|---|
| new-zealand-credit-contracts-and-consumer-finance-act-2003::117-131 | Oppressive contracts and conduct: no oppressive terms, no oppressive exercise of rights and no unreasonable refusal of early termination, variation or waiver requests |
| new-zealand-credit-contracts-and-consumer-finance-act-2003::132-132A | Assignment and debt collection: disclose the required debt collection information before or when collection starts |
| 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 is New Zealand Credit Contracts and Consumer Finance Act 2003 and who does it apply to?
New Zealand Credit Contracts and Consumer Finance Act 2003 is a compliance framework from New Zealand with 6 domains and 32 controls. New Zealand's consumer credit statute as administered by the FMA from 1 July 2026: the lender responsibility principles and records, publication of terms and costs, the full disclosure regime, cancellation, interest and fee controls, the high-cost credit caps, payments and prepayment, hardship, consumer leases, buy-backs and credit-related insurance, the repossession code, compliance programmes, FMA orders, the enforcement bars, penalty restrictions, oppression, debt collection disclosure and no contracting out. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does New Zealand Credit Contracts and Consumer Finance Act 2003 actually require?
New Zealand Credit Contracts and Consumer Finance Act 2003 has 32 controls organised across 6 domains. The largest domains are Part 2: Consumer credit contracts (disclosure, cancellation, interest, fees, high-cost credit, payments, hardship) – New Zealand Credit Contracts and Consumer Finance Act 2003 (14 controls), Part 3A: Repossession of consumer goods – New Zealand Credit Contracts and Consumer Finance Act 2003 (5 controls), Part 4: Enforcement, remedies, offences, defences and penalties – New Zealand Credit Contracts and Consumer Finance Act 2003 (4 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of New Zealand Credit Contracts and Consumer Finance Act 2003 do I already cover?
New Zealand Credit Contracts and Consumer Finance Act 2003 does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement New Zealand Credit Contracts and Consumer Finance Act 2003?
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