NEW3.03.00 · Released 1 May 2020

Breaking Change

NEWfinPOWER Connect

Released in

3.03.00

1 May 2020

1. Opened19 Mar
2. Closed6 Apr
3. Released1 May

Article 16874 Job J023933

New Zealand High-Cost Consumer Credit Contracts; Added Consumer Regulation Type to Account Types

For New Zealand High-Cost Consumer Credit Contracts the following new options have been added to Account Types:

• Consumer Regulation Type
• Can be defined if the Account Type is a "Fixed Term Loan" and the Credit Type is "Consumer"
• Options are "Not Applicable" and "NZ High-Cost Consumer Credit Contract"
• "Ignore maximum Default Fee limit?"
• Added to Overdue and Defaults page
• Normally the limit for Default Fees is prescribed as $30, but by checking this the limit is not applied
• "Create adjusted to Zero Transactions?"
• Added to Transactions page
• If a Cost of Borrowing transaction exceeds the maximum allowed for a High-Cost Credit Contract and falls to zero this defines whether the transaction should be added

Note, this is flagged as a breaking change for the following reason:

• BatchTransaction.AccountTransactionPk may return -1
• This is a special indicator and signifies that the Transaction has been reduced to zero but the Transaction was not saved - as "Create adjusted to Zero Transactions?" is unchecked