Credit Review Act 2026

• Permanent Page URL

Review of credit decisions

26. (1) Subject to subsections (2) and (3), a borrower may apply to the Service, in such form and manner as may be specified by the Service, for review of a credit decision relating to the borrower.

(2) Subject to subsection (3), an application for review shall be made by a borrower—

(a) in the case of a credit decision referred to in paragraph (a), (c), (d), (e) or (g) of the definition of “credit decision” in section 2 , not later than 30 days after the date on which the borrower receives notice of the credit decision, and

(b) in the case of a credit decision referred to in paragraph (b) or (f) of the definition of “credit decision” in section 2 , not later than 30 days after—

(i) the date on which the borrower receives the offer to enter into the credit facility agreement or alternative arrangement, as the case may be,

(ii) subject to subparagraph (iii), expiry of the period of 15 working days referred to in paragraph (b) of the definition of “constructive refusal” in section 2 , or

(iii) where a notice referred to in paragraph (b)(ii) of the definition of “constructive refusal” in section 2 has been given to the applicant, expiry of the period referred to in the notice,

whichever is later.

(3) The Service may extend the 30 day period referred to in subsection (2)(a) and (b) by such further period, not exceeding 10 days, as it considers appropriate, but shall only do so if it is satisfied that—

(a) there is good and sufficient reason for doing so, and

(b) the circumstances that resulted in the failure to make the application for review within the period so provided were outside the control of the applicant.

(4) Subject to section 27 , where a borrower makes an application for review in accordance with this section, the Service shall review the credit decision to which the application relates under this section.

(5) The procedures for conducting a review of a credit decision under this section shall be such as the Service considers appropriate in all the circumstances of the case and the review shall be as informal as is consistent with the due performance by the Service of its functions under this Act.

(6) The Service shall, on the commencement of a review under this section, notify the borrower and the relevant person concerned of the commencement of the review.

(7) The Service may, for the purposes of carrying out a review under this section, by notice in writing, request the borrower or the relevant person to provide such information or document as the Service may reasonably require in order to carry out the review.

(8) Where the Service requests a relevant person to provide any information or document relating to an application for review in respect of which a decision was previously made by the Service under subsection (12), the relevant person shall only provide the information or document requested with the consent of the borrower that made the application for review.

(9) A notice under subsection (7) shall specify—

(a) the information or document requested, and

(b) the date by which the information or document is requested.

(10) Subject to subsection (8), a borrower or relevant person, as the case may be, shall comply with a request under subsection (7) by the date specified in the notice.

(11) The Service may, by notice in writing, invite the borrower or the relevant person, or a representative thereof, to attend a meeting with the Service to discuss the credit decision but attendance at the meeting shall be voluntary.

(12) On completion of a review of a credit decision under this section, the Service shall make a decision in writing to—

(a) uphold the credit decision,

(b) recommend that the relevant person should offer to enter a credit facility agreement or an alternative arrangement, as the case may be, with the borrower on such terms and conditions as the Service considers appropriate in all the circumstances, or

(c) make such other recommendation in relation to the credit decision as the Service considers appropriate in all the circumstances.

(13) In making a decision under subsection (12), the Service shall have regard to—

(a) the ability of the borrower to comply with the terms and conditions of the credit facility agreement or alternative arrangement concerned, and

(b) the ability of the borrower to fulfil its repayment obligations under the credit facility agreement or alternative arrangement having regard to its likely future performance and income.

(14) The Service shall, as soon as practicable after making a decision under subsection (12), inform the borrower and the relevant person concerned in writing of the decision and the reasons for it.

(15) Where the Service makes a recommendation under paragraph (b) or (c) of subsection (12), the relevant person concerned may decide—

(a) to comply with the recommendation, or

(b) not to comply with the recommendation.

(16) A relevant person shall, within 5 working days of receipt of a decision under subsection (12), give notice to the Service, in such form and manner as the Service may specify, acknowledging the decision and, in the case of a recommendation under paragraph (b) or (c) of subsection (12), informing the Service of its decision under subsection (15) in respect of the recommendation, and the reasons for that decision.

(17) The Service shall give a copy of a notice under subsection (16) to the borrower concerned.