CCCFA changes delayed

The Financial Services Federation and NZ Bankers Association had asked the minister to push back the start date of the CCCFA changes due to Covid-19.

The Ministry of Business, Innovation and Employment (MBIE), today sent out an email saying "Cabinet has decided to extend the compliance date for most of the new Credit Law changes."

It has delayed some other legislative changes too,

"Of significance to lenders and borrowers, the Government has agreed to a short delay to the full commencement of the Credit Contracts Legislation Amendment Act 2019 (the Amendment Act) by two months, to 1 December 2021.