10 December 2007Loan customers described by a Judge as some of the "more vulnerable and desperate members of society" are to get a partial refund from a pawn broker after a successful prosecution by the Commerce Commission.
16 August 2007The Commerce Commission has warned six south Auckland credit providers, and will prosecute a seventh, for allegedly failing to provide important information to customers taking out personal loans. Adequate disclosure is required under the Credit Contracts and Consumer Finance Act (CCCF Act).
10 August 2007The Commerce Commission has warned four companies operating mobile shops in the North Island that they may be breaching the Credit Contracts and Consumer Finance Act (CCCF Act) by not disclosing important information to customers.
1 August 2007In a settlement reached with the Commerce Commission, Gilrose Finance Limited will return over $50,000 to 2,303 customers affected by breaches of the Credit Contract and Consumer Finance Act.
1 August 2007The Motor Centre admits it breached the Credit Contracts and Consumer Finance Act when it failed to tell customers about their rights and obligations, and charged fees for services it did not perform.
27 May 2007In an out-of-Court settlement reached with the Commerce Commission, Auckland company Club Finance has agreed to refund $788,000 to borrowers who were required to insure their car loans against the risk of redundancy, despite being unemployed at the time they took out the loans.
25 May 2007The partners of Auckland car finance business Dolbak Finance have been fined $100,000 over car loan contracts that did not properly disclose fees and charges.
16 May 2007Kiwibank has become the fifth major bank to plead guilty to breaching the Fair Trading Act by failing to properly disclose currency conversion fees paid by its MasterCard cardholders. Customers paid fees of 2.6% of the total transaction.
14 February 2007Primus Financial Services, trading as Ford Credit, has refunded $49,000 to 391 customers as a result of a warning from the Commerce Commission.