November 2010
Relief for Cantabrians facing debt problems after quakes
15 November 2010
Consumers struggling with loan repayments as a result of the Canterbury earthquakes may be able to use provisions in consumer legislation that provide financial relief in circumstances of unforeseen hardship.
Relates to: Fair Trading, Consumer Credit
Rugby World Cup 2011 - Commerce Commission focuses on fair play
1 November 2010
The Commerce Commission is taking a close interest in ensuring businesses cashing in on the opportunities presented by the Rugby World Cup 2011 play by the rules.
Relates to: Fair Trading, Consumer Credit, Business Competition
October 2010
Bluestone applications declined
29 October 2010
The High Court in Auckland has declined applications by Bluestone Mortgages NZ Limited and two other entities for leave to apply for summary judgment, and alternatively to strike out claims brought by the Commerce Commission.
Relates to: Consumer Credit
Refunds for second tier home loan borrowers
21 October 2010
The Commerce Commission has entered into a settlement with New Zealand Guardian Trust Company resulting from an investigation into break fees. The settlement will see 77 affected consumers sharing refunds of $165,000.
Relates to: Fair Trading, Consumer Credit
July 2010
Budget Loans pleads guilty to misleading - $500,000 returned to consumers
26 July 2010
Budget Loans Limited has pleaded guilty to 34 charges of breaching the Fair Trading Act in the Auckland District Court today. The charges relate to misleading claims made by Budget Loans that it was entitled to recover certain interest and fees from its debtors, when as a matter of law it was not. Budget Loans have been fined $30,750.
Relates to: Fair Trading, Consumer Credit
Commerce Commission directs payment of $45 million to ANZ/ING investors
21 July 2010
The Commerce Commission has determined the payment method for distribution of the $45 million settlement fund agreed with ANZ National Bank Limited (ANZ) and ING (NZ) Limited (ING) in respect of the ING Diversified Yield Fund (DYF) and ING Regular Income Fund (RIF).
Relates to: Fair Trading, Consumer Credit
June 2010
Car finance company fined for breaching consumer laws
1 June 2010
An Auckland-based car finance company has pleaded guilty to breaching the Credit Contracts and Consumer Finance Act (CCCF Act) and the Fair Trading Act in relation to car loan contracts. Dolbak Finance Limited has been fined a total of $2000 in the Auckland District Court yesterday.
Relates to: Fair Trading, Consumer Credit
May 2010
Commerce Commission advises industry on credit card late payment fees
21 May 2010
The Commerce Commission has issued compliance advice letters to a number of banks and credit card providers (issuers) following an investigation into the reasonableness of credit card exception fees.
Relates to: Consumer Credit
Revised draft credit fees guidelines released
12 May 2010
The Commerce Commission today released revised draft guidelines outlining the Commission's enforcement approach to credit fees under the Credit Contracts and Consumer Finance Act (CCCF Act).
Relates to: Consumer Credit
Mortgage break fees investigation by Commerce Commission concluded
11 May 2010
The Commerce Commission has concluded its investigation under the Credit Contracts and Consumer Finance Act (CCCF Act) into the mortgage break fees charged by banks when customers repay their fixed-rate loans early.
Relates to: Consumer Credit
Settlement reached over breaches of consumer legislation
11 May 2010
In a settlement reached with the Commerce Commission, Foundation Custodians, a non-bank financier, has admitted breaching the Credit Contracts and Consumer Finance Act (CCCF Act) and the Fair Trading Act in relation to fees charged on early loan repayments. The company will provide refunds of $200,000 to affected customers.
Relates to: Fair Trading, Consumer Credit
March 2010
Cash Converters settles with Commerce Commission over payday loans
24 March 2010
The Commerce Commission has reached a settlement with Cash Converters and its associated companies in New Zealand.
Relates to: Consumer Credit
