Article Details
Id: | 16880 |
Product: | finPOWER Connect |
Type: | NEW |
Version: | 3.03.00 |
Opened: | 06/04/2020 |
Closed: | 07/04/2020 |
Released: | 01/05/2020 |
Job: | J024060 |
New Zealand High-Cost Consumer Credit Contracts; added warning to Financial Summary Page, Interest bock
A warning has been added to the Account Financial Summary Page, Interest bock.
The warning text is "Total Interest Rate calculated as [Rate]. Consider using a 'NZ High-Cost Consumer Credit Contract' instead.", and is triggered where:
- Country is "NZ"
- Account Class is "Fixed Term Loan"
- Credit Type is "Consumer"
- Consumer Regulation Type is "Not Applicable"
- The Loan Account is opened after 1 June 2020
- The Highest Interest Rate (including Default Interest Rate) is 50% or higher
This indicates the Loan should be a "High-Cost Consumer Credit Contract".
The following standard Summary Page block has been updated:
- Account_Interest2
- Version 1.04, Last updated 6/04/2020