NEW3.03.00 · Released 1 May 2020
NEWfinPOWER Connect
Released in
3.03.00
1 May 2020
  1. Opened6 Apr
  2. Closed7 Apr
  3. Released1 May
Article 16880 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