If you provide credit, consumer leases, or operate buy-back schemes, consumer credit law applies to your business.
The Credit Contracts and Consumer Finance Act (CCCF Act) applies to people or businesses who provide in the course of their business:
consumer credit contracts
consumer leases
buy-back transactions.
Make sure you know what you need to do to comply with law.
Consumers have rights under the CCCF Act. It is your responsibility to follow the rules in the CCCF Act to meet your obligations, including making sure consumers are aware of their rights and how to enforce them. This includes consumers who:
borrow money (debtors or borrowers)
lease goods (lessees)
transfer their property into a buy-back scheme (occupiers)
agree to meet the borrower's obligations if the borrower doesn't (guarantors).
Examples of consumer credit contracts
A consumer credit contract is where a consumer borrows money for personal, domestic, or household use and where credit fees and/or interest are or may be charged, or a security interest is or may be taken. For example:
personal loan
cash loan
car loan
pay day loan
home loan or mortgage (not for investment purposes)
arranged overdraft
credit card
guarantee for any of the above.
Consumer credit law may also apply in other situations not listed above. You should get legal advice if you're not sure how the CCCF Act may apply to your business.
