Annual Return

You must provide an annual return to the Commission if you are a:

• Creditor under a consumer credit contract
• Mobile trader under a credit sale where goods are sold to a natural person
• Lessor under a lease of goods as set out in section 16(1) of the Credit Contracts and Consumer Finance Act 2003 (CCCF Act)

Watch the video to our Annual Return Portal introduction from lender webinar 26 March 2024 below.

What period does the annual return cover and when must it be provided?

You must be provide an annual return to the Commission by 30 June each year and it must relate to the preceding 12-month period 1 April to 31 March.

The annual return obligation is new and the first return covering the period 1 April 2023 to 31 March 2024 must be provided to the Commission by 30 June 2024.

What does the annual return need to include?

The information that must be included in the annual return is set out in the Credit Contracts and Consumer Finance Regulations 2004 (CCCF Regulations) and includes:

• The number of high-cost consumer credit contracts, high-cost related consumer credit contracts and other consumer credit contracts entered into (including contracts that the lender has treated as consumer credit contracts)
• The number of material changes to consumer credit contracts (this includes the number of material changes to contracts which the lender has treated as consumer credit contracts)
• For each type of credit contract entered into or material change to a credit contract:
  • The total dollar amount to be advanced (for non-revolving contracts)
  • The total credit limit (for revolving credit contracts)
  • The number of times the lender has relied on each of the following exceptions in the CCCF Regulations:  4AF(1)(b), 4AG, 4AH(1) and 4AH(3).

You can read more about the annual return obligation in our annual return guidance.

An example download of a submitted annual return detailing the annual return questions asked is available here: sample return.

You will also be able to submit additional (optional) supporting data for your product types (e.g. credit cards, home loans, personal loans) and whether you have treated contracts as consumer credit contracts through an Excel spreadsheet downloadable from the Commission’s secured online data portal.

How can lenders submit an annual return?

Lenders need to submit their annual return to the Commission via the Commission’s secure online data portal.

The Commission intends to send lenders an email on 2 April 2024 containing a unique account reference, access code, and a link to the online data portal to enable submission of an annual return for the 1 April 2023 to 31 March 2024 reporting year.

The email containing access details will be sent to the lender’s contact email address recorded on the Financial Service Providers Register (FSPR) as at 20 March 2024. If you do not receive an email on 2 April 2024 regarding your log in details to the online data portal, please contact the Commission at creditreturn@comcom.govt.nz

Returns can be submitted through the portal from 2 April 2024.

You can find a guide to using the portal here: Annual Return Submission User Guide.

You can watch the video of the Annual Return portal walkthrough below.

Annual Return FAQs

We have put together answers to some common questions that lenders may have about the annual return submission process.

If you have a question not answered by the below please email creditreturn@comcom.govt.nz (note that we are not able to provide legal advice about the content of your return).

Q How can I get my access code and link to the secure online data portal?

A The Commission will send lenders an email on 2 April 2024 containing an account reference, unique access code, and a link to the online data portal.

The email will be sent to the lender’s contact email address recorded on the Financial Service Providers Register (FSPR) as at 20 March 2024.

Q Why didn’t I get an email with my access code and a link to the secure online data portal?

A You may not have received an email from the Commission on 2 April 2024 containing an account reference, unique access code, and link to the online data portal because:

• Your contact email address recorded on the FSPR as at 20 March 2024 is no longer in use or is otherwise incorrect.
• You are a lessor under a lease of goods as set out in section 16(1) of the CCCF Act.

If you are a lender and did not receive an email please contact creditreturn@comcom.govt.nz and we can send or resend you portal access details.

Q What if I am a lessor under a lease of goods as set out in section 16(1) of the CCCF Act?

A We will not be proactively sending you an email containing an account reference, access code and link to the secure online data portal.

Please contact us at creditreturn@comcom.govt.nz and we will send you an email containing an access code and link to the data portal to enable you to submit an annual return.

Q Where can I find the exact annual return questions?

A The annual return questions can be seen when you log-in to the secure online portal and reflect the information required to be contained in the annual return as set out in the Credit Contracts and Consumer Finance Regulations 2004.

You can review an example return containing questions asked here.

Q Who can submit an annual return on behalf of the lender?

A As part of the online submission process the person submitting the return will be asked to provide their name and contact email address and confirm that the information to be submitted is true and correct and that they “have the authority to provide this return on behalf of the lender”.

Q How can I submit the optional additional information referred to in the Commission’s Annual Return guidelines?

A There are two types of optional additional information both of which are submitted through the online portal:

• Additional explanatory information (optional) relating to the data response to a specific question – this can be provided in a free text box next to each data response.
• Additional (optional) supporting data for your product types (e.g. credit cards, home loans, personal loans) and whether you have treated contracts as consumer credit contracts – this can be provided via an Excel template which can be downloaded and then uploaded as part of the online portal submission process. This optional data is additional to the mandatory requirements for your annual return which must still be completed via the online portal.

Q Is there any training available on how to submit a return through the online portal?

A Yes – The Commission is intending to walk lenders through the online submission process as part of an online lender seminar on 26 March 2024. If you wish to attend the lender webinar please email creditbranchengagement@comcom.govt.nz

Q Once I have started completing the return online can I save my return prior to submission and return to it later?

A While there is no “save” button, information inputted into the online return is stored in the system once you have progressed through a page (until it is submitted), meaning lenders can exit the portal and return to it later.

Q How long do I have to complete my annual return before the online portal times out?

A The security settings in the online portal will log you out if you remain on a single page for more than 20 minutes, and progress on that page will be lost.

We suggest that you prepare your annual return answers for the mandatory required information in advance of logging into the online portal. You can review an example return containing questions asked here.

If you do get logged out, your account reference and access code will remain active and you will be able to log back in and start your return again.

Q Will I receive confirmation that my return has been submitted and how can I get a copy of my submitted return?

A When you have submitted an annual return online through the portal you will receive an email confirming submission. The email will be sent to your contact email address recorded on the FSPR as at 20 March 2024 (which may or may not be the same as the email address of the individual submitting the annual return on behalf of the lender). A copy of your submitted return will not be emailed to you but as part of the online portal submission process once you have submitted the return online you will be given a one-off opportunity to download a copy of the return submitted.

Q  What happens if a lender fails to submit an annual return by 30 June 2024?

A It is a legal requirement to submit an annual return and failure to do so is an infringement offence. On conviction individuals can be fined up to $10,000  or up to $30,000 for a body corporate. Alternatively, the Commission can issue an infringement notice, requiring lenders to pay an infringement fee of $1,000 for breaches of the annual return obligations.

Q What happens if a lender submits an annual return containing incorrect details?

A If you become aware of a mistake in an annual return after it has been submitted please contact creditreturn@comcom.govt.nz

It is an offence to submit an annual return (or authorise its submission) that you know is false or misleading in a material particular. On conviction an individual may be fined up to $200,000 and up to $600,000 for a body corporate.