FIX1.06.03 · Released 17 September 2012

FIXfinPOWER Connect

Released in

1.06.03

17 September 2012

1. Opened4 Sep
2. Closed5 Sep
3. Released17 Sep

Article 10467 Job J010308

Revolving Credit Contract; Interest block needs re-wording

The NZ CCCFA Revolving Credit Contract, Interest block was badly worded.

The current text states something like "Current annual interest rate 15% fixed for the whole term of the contract being and thereafter until the balance is fully repaid.".

The sample document has been updated to be worded more like the model disclosure forms, ie "Current annual interest rate 15% (this rate may vary)".

Updated Word VBA document "Loan_Contract_NZCCCFA_RC.dot" to version 1.10 (05/09/2012).