By Melissa Higham - 27 Mar 2015
Extensive changes to the Credit Contracts and Consumer Finance
Act 2003 are coming into force on 6 June 2015.
They will have a significant impact on lenders who advance funds to
consumers (for example, home loans, credit cards, vehicle finance
or those who lend money for the purchase of consumer goods and
services).
The changes to the Act address:
- Responsible lending
- Disclosure to consumers
- Credit related insurance
- Credit repossession
These changes align with the new primary purpose of the Act: to
protect the interests of consumers.
Consumer Affairs has published a Responsible
Lending Code. If you lend money to consumers under consumer
credit contracts, this code helps you to understand your
responsibilities.
Contact us for more information on consumer law reforms
including changes you should make to your internal systems and
policies or consumer contracts.
Contact
Melissa
Higham