29160 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs

29160 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs: Does the Minister agree with the ASB and ANZ Banking Class Action solicitor who said that "The [Credit Contracts and Consumer Finance Act] is very clear. If a bank fails to comply with its disclosure obligations, it is not legally entitled to charge interest or fees on the affected loan until the failure is remedied."?

Hon Scott Simpson: I agree section 99(1A) provides that the borrower is not liable for the costs of borrowing in relation to any period during which the lender has failed to comply with section 17 or 22. However, I do not wish to comment on the clarity of this while its application is actively being considered by the courts.