Overview of the Credit Contracts and Consumer Finance Act
The CCCF Act regulates consumer lending, consumer leases and buy-back transactions. It was introduced in 2003 to better protect the interests of consumers and enable them to make informed choices about using credit.
Transactions Covered under the CCCF Act
The CCCF Act applies to four kinds of transaction: credit contracts, consumer credit contracts, consumer leases and buy-back transactions of land.
Consumer Rights
- Consumer Rights under a Consumer Credit Contract – Prepayment
- Consumer Rights under the CCCF Act – Cancellation
- Consumer Rights under the CCCF Act – Hardship
Disclosure and other Requirements
- Disclosure Requirements Overview
- Disclosure and Other Requirements – Consumer Leases
- Disclosure and Other Requirements – Buy-Back Transactions of Land
- Disclosure Requirements – Consumer Credit Contracts
Consumer Credit Contracts
- Rules Relating to Payments – Consumer Credit Contracts
- Rules Relating to Fees – Consumer Credit Contracts
- Rules Relating to Interest Charges – Consumer Credit Contracts
Credit-Related Insurance, Extended Warranties and Repayment Waivers – Consumer Credit Contracts and Consumer Leases
Creditors must not make any unreasonable requirement as to the terms on which debtors take out credit-related insurance, an extended warranty or a repayment waiver under a consumer credit contract or consumer lease.
Oppressive Contracts – Reopening Provisions under the CCCF Act
The CCCF Act allows the court to re-open a credit contract, consumer lease or buy-back transaction under certain circumstances.
Fees or Charges Passed on by Creditor
Letter to the industry - 17 November 2005
The Commission has been made aware that there is some uncertainty in both the credit industry and the insurance industry about the interpretation of section 45 of the CCCF Act particularly as how this section affects commissions on credit related insurance.
Consequences of Breaching the Credit Contracts and Consumer Finance Act
Possible consequences for a creditor of breaching the provisions of the Credit Contracts and Consumer Finance Act.
