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Webinar Archive Presentation

How will the proposed credit law reforms affect policies and procedures? What changes will need to be made to lending and security documentation? How will the proposed reforms protect consumers?

Credit law and lending practices have come under scrutiny as a consequence of the global financial crisis, third-tier lenders’ practices and recent litigation involving lenders. The government has proposed amendments to the Credit Contracts and Consumer Finance Act 2003 to protect consumers, including the introduction of new responsible lending requirements.

The presenters will summarise and offer their perspectives on these changes. There will also be discussion on the significant issues going forward.

• a clear understanding of what we do now and how it will change
• a better understanding of the appropriate way to structure and enforce loans and how it all fits together under the new legislation
• knowledge of recent case law
• a better understanding of the advice necessary to ensure appropriate ways to structure and enforce loans.

• CCCFA – proposed changes:

• CCCFA – unreasonable fees
• Guarantees
• Mortgages – all obligations mortgages
• PPSA
• Proposed changes to the Credit (Repossession) Act.

Booklet

Introduction

This seminar is concerned with consumer and commercial lending and securities.

Credit law and lending practices have come under scrutiny as a consequence of the global financial crisis, third-tier lenders’ practices and recent litigation involving lenders.

• the consumer credit law reforms Cabinet agreed to in October 2011, which have been translated into the Credit Contracts and Consumer Finance Amendment Bill Exposure Draft (CCCF Amendment Bill Exposure Draft) by the Ministry of Consumer Affairs; and
• the consumer repossession law reforms recommended by the Law Commission in its April 2012 report, “Consumers and Repossession: A Review of the Credit (Repossession) Act 1997”.

It will consider the impact those proposed changes are likely to have on the way financing transactions are documented and on creditors’ practices and procedures.

It is also intended to familiarise practitioners with some lending and securities issues they may encounter when acting for lenders or borrowers.

PowerPoint Presentation