Exposure draft of Credit Contracts and Consumer Finance Amendment Regulations (No 2) 2022 and updated Responsible Lending Code

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Submissions due: 20 October 2022, 5pm

We are seeking feedback on an exposure draft of the Credit Contracts and Consumer Finance Amendment Regulations (No 2) 2022 (the Draft Regulations) and accompanying guidance in the Responsible Lending Code (the Draft Code).

The Draft Regulations give effect to further decisions by Cabinet to adjust the Credit Contract and Consumer Finance Regulations 2004 and the Responsible Lending Code. These decisions seek to address the unintended impacts of the December 2021 changes to the Credit Contracts and Consumer Finance Act and improve safe access to credit for Kiwis.

To address the unintended impacts of the changes, Cabinet has decided to:

  • narrow the expenses considered by lenders to exclude discretionary expenses more explicitly
  • provide more flexibility for lenders about how certain repayments are calculated
  • expand exceptions from a full income and expense assessment for refinancing of existing credit contracts.

We seek feedback on the draft Regulations and the Code, particularly whether the changes are workable for lenders and borrowers and achieve the policy intent.  Your feedback will be used to improve the Regulations and Code.

For further information and relevant policy documents related to the 2022 review of consumer credit law, please visit:

Initial implementation review of the 2021 CCCFA changes

How to make a submission

Provide a submission

The consultation paper asks questions throughout on specific aspects of the draft Regulations and draft Code. Please use the submission form above which contains all the questions. You do not need to answer all questions.

Submissions are due by 5pm on 20 October 2022.

You can email your submission to consumer@mbie.govt.nz, or post it to:

Consumer Policy
Ministry of Business, Innovation and Employment
PO Box 1473
Wellington 6145

Release of information

Except for material that may be defamatory, MBIE intends to upload copies of submissions received to MBIE’s website. MBIE will consider you to have consented to uploading by making a submission, unless you clearly specify otherwise. If your submission contains any information that is confidential or that you do not want published, please specify which parts you consider should be withheld, together with the reasons for withholding the information.

Submissions are also subject to the Official Information Act 1982. MBIE will take into account submitters’ reasons for withholding any information and will consult with them prior to releasing information.