| Id: | 10829 |
| Product: | finPOWER Connect |
| Type: | NEW |
| Version: | 1.06.06 |
| Opened: | 08/01/2013 |
| Closed: | 09/01/2013 |
| Released: | 29/01/2013 |
| Job: | J010963 |
 High Importance |
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New Zealand CCCFA Standard Contract document; "Total Advances" now includes "Cost" elements
The New Zealand CCCFA Standard Contract document has been changed so that "Total Advances" now includes "Cost" elements.
Note, this change has been made after discussions with the Commerce Commission. In summary, the Commerce Commission has stated "In Schedule 1(2) of the CCCF Act 'Total Advances' are defined as 'the total of all advances made or to be made in connection with the contract, if ascertainable'. This includes all money paid at the direction of the debtor, such as fees payable to the creditor in relation to the contract as well as money paid to the debtor. The commission is of the view that any fees and charges associated with the credit contract that are payable by the debtor at the date of establishment should be included as part of the 'Total advance' and the full amount should be disclosed.".
The following VBA code change has been made in the Word VBA Document "Loan_Contract_NZCCCFA.dot". Search for the text "TotalAdvances" and add "(True)" to the TotalAdvances function call, see below.
BookmarkSet "TotalAdvances", mfinBL.FormatCurrency(AccountCalc.Schedule.TotalAdvances, True)change to:
BookmarkSet "TotalAdvances", mfinBL.FormatCurrency(AccountCalc.Schedule.TotalAdvances(True), True)