Feedback sought on Responsible Lending Code

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Feedback is sought on a Responsible Lending Code to support the reforms to the Credit Contracts and Consumer Finance Act 2003.

Submissions close on 13 August 2014.

The proposed code is intended to assist compliance with the responsible lending principles set out in the Act, and is due to come into effect from June 2015. The discussion document, put out by the Ministry of Business, Innovation and Employment (MBIE), seeks feedback on the code's contents, including:

• whether it should differentiate between lenders and loan types
• how prescriptive it should be (i.e. getting the right balance between certainty and flexibility)