NZ GVT Credit and Consumer Finance


On Mar. 28, NZ GVT gazetted amendment regs to provide exemptions.


  • NZ GVT gazetted the Credit contracts and consumer finance amendment regulations 2024, which amend the Credit contracts and consumer finance regulations 2004.
  • Provides two new exemptions under Credit contracts and consumer finance act 2003.
  • NZ GVT also published an explanatory note with respect to the amendment regs.
  • Follows NZ GVT Sep. 2022 consulted on draft credit contracts regulations, #148771.
  • Voluntary Targeted Rates Schemes
  • New reg 18 creates exemption for voluntary targeted rates schemes (VTR schemes).
  • These are generally schemes by local authorities under which credit may be provided.
  • Annual Return Requirements
  • New reg 28(2) is re exemptions for non-financial service business that provides credit on an interim basis before assigning the credit contract to an overarching lender.
  • This new reg 28(2)(c) exempts the original lender from the requirement to provide an annual return under section 116AAA of the act in respect of those credit contracts.
  • Exemption applies only in the circumstances described in reg 28(1) of principal regs.
  • This exemption is also subject to condition in new reg 28(3) that overarching lender’s annual return must separate out information re contracts to which exemption applies from that of other lending, and provide a breakdown of contracts by original lender.
  • New reg 28(2)(a) and (b) continues existing exemptions in reg 28 of the principal regulations but regroups these with the new exemption for ease of reference.
  • Effectiveness
  • These amendment regulations come into force on Apr. 25, 2024.

Regulators NZ GVT
Entity Types Corp; MSB
Reference OG 3/28/2024; Reg 2024/30, 3/25/2024; Citation: Credit contracts and consumer finance act 2003; Credit contracts and consumer finance regulations 2004; Credit contracts and consumer finance amendment regulations 2024;
Functions Compliance; Financial; Legal; Reporting; Treasury
Countries New Zealand
Category
State
Products Loan
Regions AP
Rule Type Final
Rule Date 3/28/2024
Effective Date 4/25/2024
Rule Id 206475
Linked to Rule :148771
Reg. Last Update 3/28/2024
Report Section International

Last substantive update on 04/03/2024