TITLE: Commerce Commission New Zealand Issues Warning to Zak Finance Limited for Record Keeping Breaches BODY: On May 13, 2026, the Commerce Commission New Zealand issued a warning letter to Zak Finance Limited (Zak Finance) for potentially breaching the Credit Contracts and Consumer Finance Act 2003 (CCCFA 2003). The Commission determined that Zak Finance may have failed to comply with its record keeping obligations under the CCCFA 2003. Specifically, the potential breaches relate to borrower inquiry and default fee record keeping obligations in contravention of sections 9CA(1), 9CA(2), 41A(1), and 41A(4) of the act. These provisions require credit providers to maintain accurate and complete records of borrower inquiries and default fees charged to consumers. The failure to maintain such records undermines the Commission's ability to monitor compliance with consumer credit protections and prevents consumers from accessing information about their credit history and fees. The case was opened on November 6, 2024, and closed following the issuance of the warning letter. The warning serves as a formal notice to Zak Finance of the Commission's findings and signals the authority's expectation that the company will remediate its record keeping practices to ensure future compliance with the CCCFA 2003. Zak Finance should review its internal systems and procedures to ensure all borrower inquiries and default fees are properly documented and retained in accordance with legislative requirements. For further information regarding this enforcement action, contact Simon Anderson at the Commerce Commission New Zealand (simon.anderson@comcom.govt.nz).

Zak Finance Limited | Commerce Commission

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