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Law Commission recommends overhaul of Repossession Laws

Wednesday, June 27, 2012 - Posted by Philip Harvey

The Law Commission in New Zealand has reviewed the Credit (Repossession) Act 1997 and recommended it be repealed. Currently under this act, basic necessities such as beds, medical supplies, kitchen equipment, children's toys can be repossessed. Lenders can include "dragnet" clauses on loan contracts which allow them to take any current or future possessions from debtors that are in default.

In New Zealand, a court order or approval is not required for the repossession of general goods (the equivalent of a Writ in NSW). Interestingly the report by the Commission has not recommended this be changed, rather keeping the status quo.

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