Government says “your feedback will be used to improve the design of CCCFA regulations and code”.

views sought on finance laws

Consultation has been opened by the Ministry of Business, Innovation and Employment (MBIE) on further changes to regulations governing the Credit Contracts and Consumer Finance (CCCFA) and the responsible lending code.

It follows amendments that were announced by David Clark, pictured, Minister of Commerce and Consumer Affairs, in August.

MBIE is asking for feedback on the exposure draft of the Credit Contracts and Consumer Finance Amendment Regulations (No 2) 2022 and accompanying guidance in the code.

Consultation closes at 5pm on October 20. You can access the exposure drafts and information on how to provide feedback via MBIE’s website. Click here to access it.

“We encourage you to provide feedback on the exposure drafts to ensure that the changes work in practice and do not result in any unintended consequences,” says a spokesman for MBIE.

“Your feedback will be used to improve the design of the regulations and code. Following consultation, the changes are expected to be in force in March 2023.”

In January 2022, Clark initiated an investigation into the impacts of legislative and regulatory changes under the CCCFA that came into effect on December 1, 2021. The final investigation report was published on August 2.

You can find the final investigation report by clicking here.

In March 2022, initial changes to the regulations and responsible lending code were announced. These came into force on July 7 after a consultation period.

Following this, in August 2022 the government announced proposals to make further adjustments to the regulations to address remaining unintended impacts of the December 2021 overhaul of the laws.

“These comprise of changes to the treatment of discretionary expenses, the estimation of expenses associated with revolving credit contracts, and the exception for variations and replacements of existing credit contracts,” says the spokesman.

MBIE is now consulting on the latest exposure draft, which will implement these decisions, alongside supplementary changes to chapters five and seven in the draft code.

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