| Parties | Section | Description | Resolution | Year |
|---|---|---|---|---|
| eFeMCee Finance Limited (FMC) and Albert Loots | 41, 51, 69 of CCCFA and 11 of FTA | Trader has admitted charging unreasonable fees and misleading customers. | Judgement | 2011 |
| Wenatex New Zealand Limited | 13(i) FTA and 17, 32(1)(d) CCCF Act | Alleged that creditor is not providing full disclosure, including right to cancel, and may be misleading customers as to their rights under the Door to Door Sales Act. | Judgement | 2011 |
| Takarunga Management Limited and Trevor Allan Ludlow | 45 and 30 (1) (e) CCCFA.13 (i) FT | Charging a third party fee that exceeded the actual amount payable, charging a cancellation fee not for reasonable expenses related to the contract and its cancellation. False and misleading representations as to rights. | Judgment | 2011 |
| Propertyfinance Securities Limited, New Zealand Guardian Trust Company Limited | 51, 13(g) Fair Trading Act | Alleged misleading representation as to the full prepayment formula applied in that the creditor stated in the disclosure it would use the safe harbour formula when in fact it applied a formula based on bank swap rates | Settlement | 2010 |
| Avanti Finance Limited | 51, 54 | Alleged that creditor was charging debtors an unreasonable estimate of creditor’s loss upon full prepayment of their consumer credit contracts, and made misleading representations as to the characteristics of the formula used to calculate the estimate of loss. Creditor found not guilty in District Court in 2009. Commission appeal to High Court dismissed. | Judgment | 2010 |
| Foundation Custodians Limited | s54 | Alleged that creditor is charging an unreasonable estimate of its loss upon full prepayment and is in fact charging a different formula to that disclosed | Settlement | 2010 |
| Dolbak Finance Limited | s17 and s13(i) Fair Trading Act | Alleged breach of s13 Fair Trading Act (continued enforcement of contracts where full disclosure has not been made) and ss17 and/or 32 of the CCCF Act. Litigation resolved. Guilty pleas to representative charges and sentencing. Convictions entered on 2 charges (one each act) and fined $1000 on each charge. |
Judgment | 2010 |
| Beneficial Finance Limited | s13(e)(i) Fair Trading Act | Alleged misleading representation as to the terms and conditions of a credit related insurance policy | Settlement | 2010 |
| Cash Converters | s41 | Alleged that the creditor is charging unreasonable credit fees, including a data management fee | Settlement | 2010 |
| Medical Mortgages Limited | s13(i) Fair Trading Act | Alleged that trader discloses that it uses the safe harbour formula, but actually charges the swap break cost. | Settlement | 2010 |
| The Pawn Shop | s17 and s42 | Alleged that creditor is charging unreasonable credit fees and not providing initial disclosure on payday loans | Settlement | 2009 |
| Southern Cross Finance Limited | 42 | Creditor is charging and unreasonable full prepayment fee. | Settlement | 2003 |
CCCF Act Enforcement Actions Register
The enforcement actions register contains all litigation and settlements since January 2010 under the Credit Contracts and Consumer Finance Act. The register does not list investigations resulting in warnings, compliance advice or no further action.Information about warnings can be found in the Appendices to the Annual Report.
