From 6 June 2015, you will need to disclose key information about the terms of the credit agreement before it is signed.

From 6 June 2015, you will need to disclose key information about the terms of the credit agreement before it is signed. You may wish to use the updated Model Disclosure Statements which are set out in the Credit Contracts and Consumer Finance Amendment Regulations 2015. 

View the amendment regulations on the New Zealand Legislation website. (external link)

These amendment regulations will update the Model Disclosure Statements currently set out in Schedule 2 of the Credit Contracts and Consumer Finance Regulations 2004.

View the Credit Contracts and Consumer Finance Regulations 2004 on the New Zealand Legislation website.(external link)

Guidance on the model disclosure statement text

The new Model Disclosure Statement text is made available in the Word documents below for information and guidance purposes only.

Model disclosure statement for consumer credit contracts [DOCX, 33 KB]

Model disclosure statement for revolving credit contracts [DOCX, 34 KB]

Further amendments were made on 27 July 2015 and apply from 28 August 2015. These changes are incorporated into the documents below. Creditors are reminded that the Credit Contracts and Consumer Finance Act 2003 and the Credit Contracts and Consumer Finance Regulations 2004 prescribe specific rules regarding the use, format and layout of Model Disclosure Statements, and use of the Word documents does not mean a creditor will automatically satisfy those rules.

Please see the disclaimer that applies to all information published on the Consumer Protection website. Official versions of the Model Disclosure Statements are available on the New Zealand Legislation website (see the links above).


 

Need more help?

Contact us for more guidance.