Documents; updated for NZ Financial Mentoring Service commencing 1/12/2021

Changes to the CCCFA Act and Regulations, commencing 1st December, mean that payment reminders must disclose information regarding a Financial Mentoring Service.

For more information see the Act and Regulations (below) and talk to your professional advisors.

• https://www.legislation.govt.nz/act/public/2019/0081/latest/LMS261375.html
• https://www.legislation.govt.nz/regulation/public/2020/0205/latest/LMS364061.html
• https://www.legislation.govt.nz/act/public/2019/0081/latest/LMS184343.html

NOTE: Section 6 (7) of the CCCF Amendment Regulations 2020 states that disclosure under section 26B of the Act must be free of charge:

(7) A creditor that is required to disclose information under section 26B of the Act must ensure that any information that they disclose under that section
(a) is disclosed in a clear, concise, and intelligible manner; and
(b) is disclosed free of charge.

You should make sure you understand your legal requirements for disclosure.

To achieve this a new "Documents" page has been added to Entities. On this page you can define two pieces of text. The first Text Content is used to print a message on various Documents - and should include details of a Financial Mentoring Service.

Suggested text is as follows.

Did you know that if you are concerned about your financial situation you can ask for free and confidential budgeting and financial capability advice from Money Talks? This service is independent and is funded by the Ministry of Social Development.
</br></br>
Contact details are Phone: 0800 345 123, Text: 4029, Email: <a href="mailto:help@moneytalks.co.nz">help@moneytalks.co.nz</a>, Website: <a href="https://www.moneytalks.co.nz/">www.moneytalks.co.nz</a>.

Note; the Text Content can contain basic HTML tags.

This is then used by the following Documents.

• R1, Loan Overdue Letter: Reminder 1
• Constant "ShowFinancialMentoringParagraph" (default=True) determines if this new paragraph is included.
• APD, Account Payment Dishonour Letter
• Constant "ShowFinancialMentoringParagraph" (default=True) determines if this new paragraph is included.
• RW, Loan Repossession Warning Notice
• Constant "FinancialMentoringShow" (default=True) determines if this new paragraph is included.
• APA, Account Payment Arrangement Advice
• Constant "ShowFinancialMentoringParagraph" (default=FALSE) determines if this new paragraph is included.

If the constant is True AND the Entity DocumentContent1 is defined the extra paragraph is included in the document.

The following sample Documents have been updated:

• R1, Loan Overdue Letter: Reminder 1
• Loan_Overdue_Reminder1.docx
• Loan_Overdue_Reminder1.xml
• Version: 1.02 (08/11/2021)
• APD, Account Payment Dishonour Letter
• Account_PaymentDishonour.docx
• Account_PaymentDishonour.xml
• Version: 1.02 (08/11/2021)
• RW, Loan Repossession Warning Notice
• Loan_Overdue_RepossessionWarningNotice.docx
• Loan_Overdue_RepossessionWarningNotice.xml
• Version: 1.04 (08/11/2021)
• APA, Account Payment Arrangement Advice
• Account_PaymentArrangementAdvice.docx
• Account_PaymentArrangementAdvice.xml
• Version: 1.05 (08/11/2021)

DISCLAIMER: As per your Software Licence Agreement, before using sample Documents it is your responsibility to make sure the sample Documents are fit for the purpose and work as required and shall, as necessary, seek independent professional advice from sources such as Lawyers, Accountants and Government Agencies.