Source:
Media Release
Organisation: Finance and Expenditure Committee
For release: 21 May 2025
Have your say on Credit Contracts and Consumer Finance Amendment Bill
The Finance and Expenditure Committee is calling for submissions on the Credit Contracts and Consumer Finance Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025.
This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The other two bills are the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and the Financial Markets Conduct Amendment Bill.
Please take care to upload your submission on the relevant bill.
This bill would:
- transfer regulatory responsibility for credit contracts and consumer finance from the Commerce Commission to the Financial Markets Authority
- make certain alignments between the Credit Contracts and Consumer Finance Act 2003 and other financial markets legislation to support a consistent and proportionate regulatory system, including transitioning lenders from a certification to a licensing regime
- remove features of the Credit Contracts and Consumer Finance Act 2003 (such as the due diligence duty for directors and senior managers) that are unnecessary because of, or do not fit as well with, the new regulatory approach (including the adoption of a licensing model)
- limit the situations in which a creditor’s failure to make required initial or variation disclosure can mean that the debtor is not liable for the costs of borrowing.
Tell the Finance and Expenditure Committee what you think:
Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
For more details about the bill:
ENDS
For media enquiries contact:
Finance and Expenditure Committee Staff
fe@parliament.govt.nz
