New Zealand High-Cost Consumer Credit Contracts; Letter Fee shown on letter may not be that charged to the Loan

Under New Zealand High-Cost Consumer Credit Contract regulations a Letter Fee may be reduced or not charged if it would cause the Loan to exceed the Cost of Borrowing cap.

However, the text in the published letter is still showing the original fee value. The Account Log also shows the original letter fee.

To better handle this scenario a new option to get the Fee after New Zealand High-Cost Consumer Credit Contract regulations have been applied has been introduced.

The following changes have been made.

• A new function GetFeeResolved has been added to Account Logs. This is the Fee reduced to the remaining Cost of Borrowing or Default Fee balance if necessary.
• Published Letters now always writes a Fee Transaction (if there is a Fee) regardless of Account Type "Create adjusted to Zero Transactions" setting
• New Bookmark "AccountLog.FeeResolved" added. This prints the GetFeeResolved as noted above and can be used instead of "AccountLog.Fee".
• The Account Log form now shows the Fee page and details if Fee Value non-zero or has been charged.

The following Documents have been updated:

• Loan Overdue Reminder
• Loan_Overdue_Reminder1.docx
• Loan_Overdue_Reminder1.xml
• Version: 1.01 (8/05/2020)
• Loan Repossession Warning Notice
• Loan_Overdue_RepossessionWarningNotice.docx
• Loan_Overdue_RepossessionWarningNotice.xml
• Version: 1.01 (8/05/2020)

Changes include:

• Bookmark changed from AccountLog.Fee to AccountLog.FeeResolved.
• Script code changed to test AccountLog.GetFeeResolved instead of AccountLog.Fee.

If AccountLog.GetFeeResolved = 0 Then
  WordDocumentBookmarks.Delete("FeeBlock")
End If