13408 (2024). Scott Willis to the Minister of Commerce and Consumer Affairs

13408 (2024). Scott Willis to the Minister of Commerce and Consumer Affairs: What stakeholder feedback or consultation, if any, has the Minister received regarding the proposed removal of the 11 pages of regulations from the Credit Contracts and Consumer Finance Act 2003?

Hon Andrew Bayly: The Ministry of Business, Innovation and Employment (MBIE) held targeted consultation on the draft regulations which revoke the affordability requirements in the regulations. The consultation focused on the workability of the draft regulations. MBIE received and considered nine submissions from lenders and consumer advocates. No issues with the draft regulations were identified through this process. Consultation on amendments to the Responsible Lending Code, that will help support lenders to assess affordability without replicating the issues with the affordability regulations to be revoked, opened on 27 May, and submissions close on 10 June. You can access this consultation here: Proposed changes to the Responsible Lending Code | Ministry of Business, Innovation & Employment (mbie.govt.nz).