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
