Changes to the Credit Contracts and Consumer Finance Act 2003 (Act), which kick in on 6 June 2015, introduce key lender responsibility principles designed to give better consumer protection. All lenders, including banks, must now comply with "responsibility principles" set by the Act.
Under the new rules, lenders must also make both their standard form contract terms and costs of borrowing (such as credit fees and interest rates) publicly available for each loan type offered.
Watch this space in the next few days for our new Quick Guide on how the changes affect bank lending complaints we investigate.
For more general information visit the Commerce Commission website.