Interest rates. You should explain the rates range you charge: http://www.mercuryfinance.co.nz/interest-rates
Unforeseen Hardship: http://www.mercuryfinance.co.nz/customer-service/unforseen-hardship
Complaints. If a customer has a complaint they need an email address to contact you on: http://www.mercuryfinance.co.nz/customer-service/compliments-complaints-process
Fees. All fees charged should be disclosed: http://www.mercuryfinance.co.nz/fees
As you are probably aware there are significant changes happening in relation to Consumer law in New Zealand.
The changes are primarily to protect Consumers when they are borrowing money with the onus on the lender to act responsibly.
As a Dealer, you will be required to comply with the new CCCFA, the Regulations and the Responsible Lending Code. We are currently working through the new requirements and will be providing you with comprehensive advice in relation to your new obligations and the changes you will need to make. Detailed training material will also be provided to help you get ready for these changes. In the meantime, you can click here to review the Responsible Lending Code.
The changes take effect on 6 June 2015. Mercury Finance will ensure that that our documentation and processes are updated prior to this date.
Please note that the new legislation will require all lenders (including Dealers) to publish the costs of borrowing, and their standard form contracts in plain English. Credit Fees and Default Fees will also need to be displayed.
If you have a website then you will also need to publish these on the site. This may be done by creating a hyperlink to the Mercury Finance website where we will ensure the latest versions of documents are displayed.
It is important to note that these changes must be in place on or before 6 June 2015. Accordingly, please start talking to your web providers so they have sufficient time to update your website to ensure compliance with these new disclosure obligations.
We will contact you soon to provide more comprehensive advice and training material.
If you have any questions please contact your local Relationship Manager.
National Manager Consumer
Heartland Bank Limited