The Credit Contracts and Consumer Finance Act 2003

This Act repeals the Credit Contracts Act 1981 and the Hire Purchase Act 1971, placing obligations on creditors with respect to disclosure requirements; calculation of fees, charges and interest; and oppressive conduct. It also enables consumers to seek reasonable changes to credit contracts on the grounds of unforseen hardship. The Commerce Commission assumes responsibility for enforcing the major provisions of the Credit Contracts and Consumer Finance Act on 1 April 2005.

The part of the Act which relates to oppressive contracts known as buy-back transactions came into force on 14 October 2003 and is already being enforced by the Commission.