finPOWER Connect Newsletter

Submissions invited on draft Responsible Lending Code

The Ministry of Business, Innovation and Employment is inviting submissions on a Draft Responsible Lending Code, released today by the Minister of Commerce and Consumer Affairs.

The Code will elaborate on and offer guidance to lenders on the lender responsibility principles introduced by the Credit Contracts and Consumer Finance Amendment Act 2014, which will come into force by 6 June 2015.

The Draft Code includes questions seeking feedback on the contents of the guidance in the draft Code.

You can access the Draft Codeon their website.

Please send submissions, and any questions you may have, toconsumer@mbie.govt.nz.

Submissions close at 5pm on Tuesday, 23 December 2014.