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Consumer Credit Contract

Consumer Credit Contract Template for New Zealand

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Key Requirements PROMPT example:

Consumer Credit Contract

"I need a Consumer Credit Contract for a vehicle finance company in New Zealand, specifically for used car loans with a maximum term of 5 years, including security interest over the vehicle and optional payment protection insurance provisions."

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Document background
This Consumer Credit Contract template is designed for use in New Zealand by financial institutions, banks, and other credit providers when extending credit to individual consumers. The document ensures compliance with the Credit Contracts and Consumer Finance Act 2003 (CCCFA), Fair Trading Act 1986, and other relevant New Zealand legislation. It includes mandatory initial disclosure requirements, details of credit terms, fee structures, and consumer rights, while incorporating responsible lending obligations. The template is suitable for various types of consumer credit facilities, including personal loans, credit cards, and retail credit arrangements, and contains all necessary provisions for regulatory compliance while maintaining clarity and transparency for consumers.
Suggested Sections

1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration details for the creditor

2. Background: Brief context of the credit arrangement and purpose of the loan

3. Definitions: Clear explanations of key terms used throughout the contract in plain language

4. Credit Details: Amount of credit, annual interest rate, method of charging interest, and total interest charges

5. Payments: Payment amount, number of payments, frequency, total amount payable, and payment schedule

6. Fees and Charges: All applicable fees including establishment fees, ongoing fees, and default fees

7. Default Interest: Circumstances when default interest applies and the default interest rate

8. Early Repayment: Right to early repayment and method of calculating any early repayment charges

9. Events of Default: Circumstances constituting default and consequences of default

10. Enforcement Rights: Creditor's rights and remedies in case of default

11. Disclosure and Communications: Continuing disclosure requirements and methods of communication

12. Privacy and Information Sharing: How personal information will be collected, used, and shared

13. Dispute Resolution: Process for handling disputes and details of dispute resolution scheme membership

Optional Sections

1. Security: Details of any security interest taken over property - include when the credit is secured

2. Guarantors: Terms applying to guarantors - include when there are third-party guarantors

3. Insurance Requirements: Mandatory insurance requirements - include when insurance is required

4. Credit-Related Insurance: Details of any credit-related insurance - include when insurance is offered with the credit

5. Direct Debit Authority: Terms for direct debit payments - include when direct debit is offered

6. Statement of Right to Cancel: Cooling-off period details - include for contracts where cancellation rights apply

7. Electronic Disclosure Consent: Terms for electronic communications - include when electronic disclosure is offered

8. Hardship Provisions: Extended provisions for hardship applications - include for longer-term contracts

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed schedule of all payments including dates, amounts, and allocation between principal and interest

2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges that may apply

3. Schedule 3 - Initial Disclosure Statement: Statutory initial disclosure information as required by the CCCFA

4. Schedule 4 - Security Details: Detailed description of any security interest and secured property (if applicable)

5. Appendix A - Information Sheet: Key information sheet in prescribed format as required by CCCFA regulations

6. Appendix B - Direct Debit Form: Standard direct debit authorization form (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions











































Clauses






























Relevant Industries

Banking

Financial Services

Consumer Finance

Retail

Automotive Finance

Personal Lending

Microfinance

Consumer Credit

Credit Services

Relevant Teams

Legal

Compliance

Risk Management

Consumer Lending

Credit Assessment

Documentation

Customer Service

Collections

Operations

Retail Finance

Product Development

Relevant Roles

Credit Manager

Lending Officer

Compliance Officer

Legal Counsel

Risk Manager

Consumer Credit Specialist

Financial Services Manager

Retail Finance Manager

Credit Assessment Officer

Consumer Banking Manager

Lending Operations Manager

Documentation Specialist

Customer Service Representative

Collections Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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