Legal alert - Responsible Lending Code released
17 March 2015
The Responsible Lending Code (Code) was released today, 17 March 2015. The Code provides guidance on how lenders may comply with the new Lender Responsibility Principles (Principles) that will come into force under the Credit Contracts and Consumer Finance Act (CCCFA).
The Principles and Code will come into force on 6 June this year, and set out new obligations that lenders must abide by under the CCCFA, which are intended to provide greater protection for consumers when borrowing money or giving guarantees.
A link to an electronic copy of the Code, and the Minister of Commerce's statement welcoming its publication, can be found here.
A consultation draft of the Code was published late last year, and Buddle Findlay have been working with lenders to review their documentation and advise on the new obligations under the Principles. We will publish a client update on the Code, and in particular changes since the consultation draft, but in the meantime please contact any of our experts listed below if you have any questions.