New Zealand Acts

CREDIT CONTRACTS AND CONSUMER FINANCE ACT 2003 - SECT 137B

137B Declarations about particular arrangements or facilities

1 The Minister may declare that the following are not credit contracts:

a) a particular arrangement or facility:

b) a class of arrangements or facilities associated with or involving 1 or more particular persons (for example, a type of product offered by a particular person or group of companies).

2 A power in this section may be exercised only if the Minister—

a) is satisfied that the declaration—

i) is necessary or desirable to promote certainty about whether this Act applies; and

ii) is not inconsistent with the purposes of this Act set out in section 3 ; and

iii) would not cause significant detriment to consumers; and

b) has had regard to the economic substance of the relevant arrangement or facility; and

c) has consulted—

i) the Commission; and

ii) the persons or representatives of the persons who the Minister considers will be substantially affected by the declaration.

3

4 The Minister’s reasons for making a declaration under this section (including why the declaration is appropriate) must be published together with the declaration.

5 A declaration under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

History: Section 137B: inserted, on 20 December 2019, by section 52 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).   Section 137B(3): repealed, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).     Section 137B(5): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).