Contributed by: Deemple Budhia, Polly Pope, Lucy Becke and Will Irving
Published on: June 28, 2018
The Ministry of Business Innovation and Employment (MBIE) has released a discussion paper which sets out MBIE's findings from its review of the 2015 changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) to date. Feedback is due by Wednesday 1 August 2018. Submissions will inform MBIE's recommendations to Government on any further changes to the CCCFA.
MBIE is seeking feedback on a range of issues, predominantly related to protecting vulnerable consumers, and proposed a range of potential solutions for each issue. The issues identified by MBIE and some of the proposed solutions are summarised below.
MBIE has also asked for feedback on whether the principle of excluding small businesses, investment loans and family trusts from the consumer protections under the CCCFA remains the correct policy position.
The full discussion paper is available here.
We are currently reviewing the discussion paper in detail. Please get in touch if you would like to discuss.
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