Review of consumer credit law
The Government is reviewing consumer credit law as part of a wider reform process for financial services. This section also includes information about previous reviews of consumer credit law.
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In this section
2024 Financial Services Reforms
In January 2024, the Minister of Commerce and Consumer Affairs announced plans to review aspects of New Zealand’s financial services regulation. The reforms include changes to consumer credit laws, including revoking the affordability regulations, reviewing the broader Credit Contracts and Consumer Finance Act, as well as shifting responsibility for consumer credit functions from the Commerce Commission to the Financial Markets Authority.
Reforms and review process agreed in August 2023
Shortly prior to the 2023 General Election, the Government agreed to undertake a review of consumer credit law and make Regulations that apply consumer credit law to Buy Now Pay Later.
Review of December 2021 credit law changes
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.
2016 review of Section 99(1A) of the Credit Contracts and Consumer Finance Act 2003
Changes were made to section 99(1A) of the Credit Contracts and Consumer Finance Act (CCCFA) in 2019, following a review of this provision.
Changes to consumer credit law 2020
The Government has made law changes to the Credit Contracts and Consumer Finance Act. This follows our 2018 review of the consumer credit law.
Review of consumer credit law 2009–2015
This page summarises the changes to the consumer credit laws that resulted from the review that took place between 2009 and 2015.