The Ministry of Business, Innovation and Employment (MBIE) is seeking public feedback on a review of New Zealand’s consumer credit regulation.
The Minister of Commerce and Consumer Affairs requested a review of these changes, to assess whether borrowers are better informed, whether predatory and irresponsible lending has reduced, and whether further steps are required to ensure responsible lending, particularly for vulnerable consumers.
This discussion paper sets out MBIE’s findings from the review to date, based on desk-based research and interviews with stakeholders. While there have been some positive results from the 2015 reforms, it is clear that serious issues remain.
Public submissions will inform MBIE’s recommendations to government on any further changes to the CCCFA.
Consultation is open until 5pm on Wednesday, 1 August 2018.