UDC Finance Limited

Finance company UDC Finance Limited (UDC) entered into a settlement with the Commerce Commission, acknowledging that it charged unreasonable default fees and agreeing to compensate borrowers. As part of that settlement, UDC consented to the Commission seeking declaratory orders that UDC had contravened section 41 of the CCCFA by charging unreasonable dishonour fees and late payment fees. The Auckland High Court has made the declarations sought by the Commission.