finPOWER Connect Newsletter

Responsible Lending Code up for Discussion

The NZ Government, via the Ministry of Business, Innovation and Employment (MBIE), is inviting submissions on the development of the Responsible Lending Code under the Credit Contracts and Consumer Finance Amendment Act 2014. The Code will provide guidance to lenders on how to comply with the lender responsibility principles introduced by the Amendment Act.

The discussion document considers what guidance could be included in the Code and seeks views on how international and domestic responsible lending best practice could be reflected. A complete list of the questions for your consideration is listed in appendix one of the document.

This is your chance to have a say in the rules and regulations that you, as a lender, will be subject to. As they say ”speak now or forever hold your peace" … or at least don’t complain if you don’t have any input!

Please send submissions, and any questions you may have, to consumer@mbie.govt.nz. Submissions close at 5pm on Wednesday, 13 August, 2014.

To review the Discussion document, please go to http://www.consumeraffairs.govt.nz/legislation-policy/policy-reports-and-papers/discussion-papers/responsible-lending-code.