28840 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs

28840 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs: Does the Minister agree with his statement of 30 May 2025 to Newstalk ZB about the Credit Contracts and Consumer Finance Act 2003 that "the strict penalty was to refund all the interest and all the fees relating to that loan. Now, if you've got a twenty five year mortgage, that's a lot of interest and a lot of fees over that period"?

Hon Scott Simpson: My statement relating to this was on the assumption that the non-compliance was for the entire duration of the loan. For clarity, this is in relation to section 99(1A) of the Credit Contracts and Consumer Finance Act 2003, which provides that a borrower is not liable for the costs of borrowing for the period of a lender's non-compliance with section 17 or 22. My reference specifically to a twenty-five-year mortgage was purely anecdotal.