Review of consumer credit law
The Government will be reviewing consumer credit law to ensure settings are targeted appropriately to the risk profile of the lending. MBIE is developing terms of reference for the review. This section also includes information about previous reviews of consumer credit law.
In this section
The Government has made law changes to the Credit Contracts and Consumer Finance Act. This follows our 2018 review of the consumer credit law.
This page summarises the changes to the consumer credit laws that resulted from the review that took place between 2009 and 2015.
The Government has decided to amend section 99(1A) of the Credit Contracts and Consumer Finance Act (CCCFA).
In 2022, the Minister of Commerce and Consumer Affairs commissioned an investigation into changes to credit laws introduced on 1 December 2021. This has led to further amendments to the Credit Contracts and Consumer Finance Regulations 2004 and the Responsible Lending Code. The first tranche of changes came into force on 7 July 2022, and the second tranche are in force on 4 May 2023.
Cabinet agreed on a number of proposals relating to consumer credit regulation.
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