Section 135 — Credit Contracts and Consumer Finance Act 2003: No contracting out

135 No contracting out (1) This Act has effect despite any provision to the contrary in any credit contract, guarantee, consumer lease, or buy-back transaction. (2) Every creditor, lessor, or transferee commits an offence against section 13(i) of the Fair Trading Act 1986 who purports to contract out of any provision of this Act. (3) Subsection (1) does not limit or affect any term in a credit contract, guarantee, consumer lease, or buy-back transaction between a creditor, a lessor, or a transferee and a debtor, a guarantor, a lessee, or an occupier to the extent that the term— (a) imposes a stricter duty on the creditor, the lessor, or the transferee than that imposed by this Act; or (b) provides a remedy more advantageous to the debtor, guarantor, lessee, or occupier than the remedies provided by this Act. (4) Subsection (1) does not prevent a debtor, guarantor, lessee, or occupier who has a claim under this Act from agreeing to settle or compromise that claim. Compare: 1993 No 91 s 43