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Further law reforms set to overhaul consumer credit contracts

By Claire Barron - 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.

Contacts

Claire Barron

Craig Nelson

 

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