The Credit Contracts and Consumer Finance Act 2003 came into force in NZ on 1 April 2005. This was a major new piece of legislation that has changed the processing requirements of many finance companies. Here at Intersoft we developed the Variable Loan Module for finPOWER specifically for finance companies that want to comply with the new legislation.
It is strongly recommended that any finPOWER client wanting to write Consumer Loans after 1 April 2005 and comply with the new Act do so using finPOWER Variable Loan module. The finPOWER Fixed Interest Module, in our opinion, will not comply with the new Act.
Intersoft has worked closely with both the Ministry of Consumer Affairs and the Commerce Commission to further enhance the Variable Loan module to ensure finPOWER clients can comply with the new legislation. It is also designed to minimise the disruption caused by the introduction of the Act.
To assist finance companies processing Loans under the new Act, we have prepared a finPOWER Variable Loans User Guide with a specific emphasis on the the use of the module to comply with the CCCF Act 2003. Please click here ...finPOWER CCCFA Notes
Other Articles relating to the CCCFA
- Interest Rate Misrepresentations get Pawn Broker in trouble
- Commerce Commison Draft Guidelines for Credit Fees
- Commerce Commsion - Compliance Advice
- Unreasonable Fees Admission
- Finance Firm Fined over Credit Contracts
You may also wish to review some of the publications provided by the NZ Commerce Commission. Click here Commerce Commission