Lending rules further eased

Andrew Bayly says it is a matter of balance, (Image: NZME)

Thu, 05 Sep 2024

The Government is continuing to pick away at consumer protections, criticised for making it unnecessarily difficult to borrow money.Cabinet has agreed to further change the Credit Contracts and Consumer Finance Act (CCCFA) so lenders don’t find themselves in too much hot water if they misstep.Personal liability to be ditchedOnce the law is changed, directors and senior managers of entities that lend to consumers (not businesses) will no longer be personally liable for CCCFA breaches.This means a chairperson won’t risk bein...

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