The Big Picture: CCCFA reform ushers in a new consumer credit landscape

29 November 2021

Major changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) will come into force from 1 December 2021.

These changes will transform the regulation of consumer credit in New Zealand, substantially increasing the risks and compliance burden for retail lenders.

They are also likely to result in materially longer and more complex application processes across the spectrum – from personal loans to home loans and vehicle finance.

We look at the key consumer credit changes taking effect, recent and expected enforcement trends, and some practical considerations for those affected.

Disclaimer: This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.