The Government is progressing a two-phased package of reforms to streamline financial services.
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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 made law changes to the Credit Contracts and Consumer Finance Act. This follows our 2018 review of the consumer credit law.
The Government 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.
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.
We are reviewing New Zealand's insurance contract law to ensure it is facilitating well-functioning insurance markets.
MBIE is responsible for administering legislation relating to financial institution conduct in New Zealand.
The Organisation for Economic Co-operation and Development (OECD) produces voluntary guidelines and recommendations on responsible, sustainable multi-national business conduct.
The Government has repealed the Business Payment Practices Act 2023.