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Credit Contracts & Consumer Finance Act 2003

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This Act replaces the Hire Purchase Act and the Credit Contracts Act so it is necessary to know the new rules.

The Credit Contracts and Consumer Finance Act (CCCFA) 2003 took effect from 1 April 2005. The legislation replaced the Credit Contracts Act and Hire Purchase Act for credit contracts (as defined in the legislation) entered into from 1 April 2005.

The CCCFA improves the information disclosure requirements for consumer credit transactions and regulates methods of interest charging, fees and payments. It also regulates consumer leases and allows for changes to the terms of contracts on the basis of hardship to a consumer.

The Act provides for the reopening of oppressive credit contracts, penalties if the Act is breached, and an enforcement role for the Commerce Commission.

The Act also regulates home buy-back transactions by providing disclosure requirements on operators, restrictions on the fees payable by occupiers and tough penalties for breaches.

The home buy-back schemes provisions of the CCCFA took effect on 14 October 2003.

Highlights of the Act:

 

The Credit Contracts and Consumer Finance Act 2003  applies to all credit contracts where credit is used for consumer purposes regardless of  how much credit is extended.

 

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"I found all these contract topics interesting and helpful. JD. Napier December 2006"
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"I found this interesting. I want to sue for punitive damages and I was interested to learn that our courts are pretty conservative. I think the Welfare have quite wrongly taken my kids and I have found out that the affidavit they gave to a Judge to get an order to uplift them was known to the Welfare to be incorrect. They told the Judge that I had drug convictions but when I found out 5 months ago that they thought that I proved then to them that this was untrue yet I have now found that they have still put this false evidence in an affidavit. But they have also told other people about my "drug convictions". You have to watch these people. (name witheld) - May 2007"
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