Important changes to consumer credit laws

 

From 1 December 2021, new laws are coming into force which impact the Credit Contracts and Consumer Finance Act 2003 (CCCFA) and the Responsible Lending Code.  These changes impact all businesses which provide credit to consumers, including SBS Money Limited.

We pride ourselves on being a responsible lender and have dedicated a project team to ensure we will meet all of our regulatory obligations under the new laws. 

What you need to know

The key change we wanted to let you know about is that we will now be required to undertake a number of additional checks to verify the information you provide to us when applying for a loan. This is so we can ensure that your loan is affordable and suitable for your needs.

What does this mean for you?

Next time you apply for a credit card or a credit limit increase with us, you’ll probably notice we’re asking some new questions and that you’ll need to provide us with some additional information, such as proof of your income and in some cases proof of your expenses.  Although you currently have a credit card with us without any repayment issues - we do still need to ask you these questions to ensure we are complying with the new laws.

We are also refining our online and digital application processes that will make it easier for you to provide us with this extra information and enable us to assess your loan application more efficiently.

If you would like more information on the new changes to the CCCFA, visit comcom.govt.nz or fsf.org.nz