HOT TOPICS:   Election 2014  |    China   |  Peer-to-peer lending                                        RESOURCES:    Economic calendar   |  Median multiples

Find your KiwiSaver fund

The comment stream

Reader poll

About the same.
24% (56 votes)
Better off.
21% (50 votes)
Much worse off.
19% (45 votes)
Much better off.
18% (43 votes)
Worse off.
17% (40 votes)
Total voters: 234

Older polls

Consumer Affairs Minister Craig Foss hails 'most significant change to consumer law in more than 20 years'

Posted in Personal Finance

The Consumer Law Reform Bill, which will strengthen consumer rights, simplify business compliance and ensure consumer protections are clear and accessible according to Consumer Affairs Minister Craig Foss, has passed its third reading in Parliament.

“The Consumer Law Reform Bill represents the most significant change to New Zealand’s consumer law in more than twenty years," says Foss.

“Improving our regulatory framework will empower consumers to make informed purchasing decisions and support good business practices. These changes will drive competition, innovation and growth in our economy."

Foss says some of the key changes for business and consumers include:

· Protection under the Consumer Guarantees Act will include online business and auction sites such as Trade Me

· Traders will be liable if goods don’t arrive on time, or are damaged

· A five working day cooling off period will apply to uninvited direct door-to-door and telephone sales.

· New disclosure rules affecting extended warranties

· A new provision will require traders to be able to substantiate any claims they make as opposed to the Commerce Commission having to test the claim.

Foss says the new law also aligns New Zealand more closely with Australian consumer law, a significant step in progressing the Government’s Single Economic Market agenda.

Following its third reading in Parliament the Bill just requires Royal assent from the Governor-General.

More information on the Consumer Law Reform and the changes can be seen here.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment in the box on the right or click on the "'Register" link at the bottom of the comments.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current Comment policy is here.

2 Comments

"Simplify Business

"Simplify Business Compliance" by adding new costs -  interesting! 

Here is an idea ;instead of

Here is an idea ;instead of having a five day cooling off period for uninvited direct door to door and telephone sales lets just outlaw this practise altogether.