Responsible Lending Code fees section updated
Commerce and Consumer Affairs Minister Jacqui Dean has released updates to the fees section of the Responsible Lending Code.
The updated Code will come into effect on 6 July 2017.
Ms Dean says that when the Code was introduced in 2015, the courts were considering a case relating to credit contract fees.
"Because of this, the fees section of the Code could not deal with matters at the centre of the decision. The changes announced today reflect key decisions on credit fees made by the Supreme Court."
The Code gives lenders guidance on how to implement the new obligations set out in the Credit Contracts and Consumer Finance Act 2003.
Last updated on the 16th September 2019