From investment property changes to consumer credit updates, we’ve gathered recent law changes into one place. Check out this summary to see what applies to your business.
When: From 1 October 2021
What: Directors and senior managers of companies that provide consumer credit have to be certified as ‘fit and proper’, to provide this service. This means they’re deemed to be financially sound, honest, reputable, reliable and competent to do the job. There are also new due diligence requirements, which means directors and senior managers now need to take reasonable steps to make sure that if a business is providing consumer credit, there are procedures in place to make sure the business’s obligations under the law are being met.
In addition, there are new requirements around:
Why: To reduce problem debt and resulting consumer harm.
What you need to do: If you’re a director or senior manager of a company that provides consumer credit you must:
Due diligence guidance(external link) — Commerce Commission
Fit and Proper Person certification(external link) — Commerce Commission
When: 26 October 2021
What: It is now compulsory for liable parents who are new (or returning) to child support to have their child support payments deducted from their salaries or wages. Payment of child support by employer deductions does not apply to parents who were already paying child support prior to 26 October 2021, unless they miss future payments and fall into debt.
Why: To simplify child support. The aim of the change is to help paying parents get their payments right from the start and to ensure children who qualify to receive child support, receive it.
What you need to do:
Deductions from salary and wages(external link) — Inland Revenue
When: From 11 August 2021
What: This relates to display, promotion, advice, age information, packaging, safety requirements, annual reporting and returns, fees and levies. The provisions of the Act are being phased in over 15 months, so some provisions are already in effect and some, like the ones mentioned here, are taking effect further down track. From 11 November 2021, the transitional period for retailers ends, meaning transitional specialist vaping retailers will no longer exist. There is a new platform to register/ apply for notifications and retailers. This is called HARP (health advisory regulatory platform).
Why: The aim of these new regulations is to strike a balance between ensuring vaping products are available for smoker who want to switch to a less harmful alternative and making sure these products aren’t marketed or sold to young people.
What you need to do:
For further information on what changes are being made and how this might affect your business, the Ministry of Health has guidance on its website.
About the vaping and smokeless tobacco products law changes(external link) — Ministry of Health
When: From 1 July 2021
What: All boarding houses, except those provided by the Kāinga Ora or registered Community Housing Providers, must meet the five healthy homes standards. Find out if you’re operating a boarding house.
Are you operating a boarding house?(external link) — Tenancy Services
Private rentals must meet the five healthy homes standards within 90 days of any new or renewed tenancies that start on 1 July 2021 or after this date. All private rentals must comply by 1 July 2024.
Why: To improve the quality of New Zealand’s rental homes and improve the health of New Zealand who rent.
What you need to do:
From 1 December 2020, most new or renewed tenancy agreements must include specific information about the rental’s current level of compliance with the healthy homes standards.
Healthy homes standards(external link) — Tenancy Services
Compliance statement(external link) — Tenancy Service
The Government has announced upcoming changes to the healthy homes heating, ventilation and moisture ingress and drainage standards. These changes are expected to come into effect in April 2022.
Upcoming changes to the healthy homes standards announced(external link) — Tenancy Services
When: 27 March 2021
What: For properties acquired on or after 27 March 2021:
For properties acquired before 27 March 2021:
Fact sheet: Proposed changes to bright-line test(external link) — Inland Revenue
See other law changes that happened in 2021, which might be relevant to your business.