Changes have been made to the affordability assessment requirements under the Credit Contracts and Consumer Finance Regulations 2004 (the Regulations) and Responsible Lending Code (the Code). This is in response to the review of the December 2021 changes to the Credit Contracts and Consumer Finance Act 2003.
The 2027 Transition Research Fund (the Fund) is a core component of the reformed Science, Innovation and Technology (SI&T) system. It responds to the direction set in the Science Investment Plan (SIP) and the investment principles and national priorities for the SI&T System.
During early 2022, the Ministry of Business, Innovation and Employment, in collaboration with the Council of Financial Regulators, investigated whether the 1 December 2021 changes to the Credit Contracts and Consumer Finance Act (CCCFA) were having unintended impacts.
Changes were made to section 99(1A) of the Credit Contracts and Consumer Finance Act (CCCFA) in 2019, following a review of this provision. The changes are found in sections 95A and 95B of the CCCFA, which expressly enable a court (on application by the lender) to vary or remove the effect of section 99(1A).