New Zealand abolishes 11 pages of specific loan affordability requirements under the Credit Contracts and Consumer Finance Act.
New Zealand has scrapped overly-prescriptive Credit Contracts and Consumer Finance Act (CCCFA) regulations, eliminating 11 pages of specific loan affordability requirements. This move, led by Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop, aims to simplify the process of borrowing and reduce the burden on lenders. The changes have been welcomed by the banking industry, which anticipates improved access to lending.
July 30, 2024
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