New Zealand simplifies Credit Contracts and Consumer Finance Act, easing lender restrictions and increasing dispute resolution awards.
New Zealand's government is simplifying its Credit Contracts and Consumer Finance Act (CCCFA) by removing regulatory burdens and giving lenders more flexibility in assessing loan applicants. The government argues that the existing rules are too prescriptive, harming borrowers who need access to credit. The government is set to increase the maximum award amount of financial service dispute resolution schemes, ensuring larger disputes don't have to go to court. Public consultation on financial matters is expected in the coming weeks.
April 21, 2024
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