Credit Contracts and Consumer Finance Act Training – New Zealand
Product Description
Crucial training for staff involved in the provision of consumer credit.
In the highly regulated consumer finance sector it is crucial that staff of lending organisations are properly trained in the detailed provisions of the Credit Contracts and Consumer Finance Act and the practical requirements of the Commerce Commission. Heavy penalties, as well as significant reputational damage, can flow from breaches of these provisions.
This two-module course provides learners with a clear understanding of what constitutes a consumer credit contract. It covers a range of responsibilities for lenders offering consumer credit contracts, and elaborates on key protections in place for consumers.
For example:
- Responsible lending
- Hardship
- Oppressive conduct
- Advertising rules
Module two covers disclosure obligations in detail and also provides guidance on the Act’s requirements relating to managing and enforcing a consumer credit contract.
The lessons provide scenarios on issues that may arise for lenders. These practical examples empower employees to act in line with their legal and ethical obligations.
The CCCF Act changed the landscape of New Zealand credit law […] and set up a new legislative framework for credit contracts, consumer leases and buy-back transactions of land.
– NZ Commerce Commission Guide
Who should do this training?
The course is suitable for customer facing staff and their managers who deal with consumer finance. It is also relevant to support and management staff.
Course Outline
Module 1: The CCCFA and responsible lending (For managers and general staff)
- The CCCFA, what it is and when it applies
- The responsible lending principles
- How to assist borrowers in making informed decisions
- The laws relating to advertising to provide credit or finance
- The consequences of breaching the CCCFA
Module 2: Disclosures and contract management
- For managers and general staff
- The various CCCFA disclosure obligations
- The CCCFA protections against oppressive contracts
- How to handle hardship applications
- How to commence repossession procedures under the CCCFA
- The due diligence duties
Customise Course
Do you have a policy or process, or some subject-matter expertise that you would like to add to this course?
Talk to us about ways we can quickly tailor the course to suit your needs.
