As a result of the Supreme Court’s decision in Sportzone Motorcycles Limited (in liquidation) and Motor Trade Finances Ltd v Commerce Commission [2016] NZSC 53, the Commerce Commission has released an updated version of its draft guidelines for credit fees under the Credit Contracts and Consumer Finance Act 2003 (CCCFA). The updated guidelines are designed to [...]
In Sportzone Motorcycles Limited (in liquidation) and Motor Trade Finances Ltd v Commerce Commission [2016] NZSC 53, the New Zealand Supreme Court (SC) considered the “reasonableness” of credit fees and default fees charged under credit contracts, in relation to the Credit Contracts and Consumer Finance Act 2003 (CCCFA). The case is the last chapter in [...]
Amendments to the Financial Markets Conduct Regulations 2014 (regulations) will soon be in place. The regulations affect the application of the Financial Markets Conduct Act 2013 (Act). The majority of the regulations come into force on 30 June 2016. However, regulation 9(1), (5), and (6) come into force on 1 December 2016. Regulations 6 and [...]