Aotea Finance fined for lending on prohibited items including beds, fridges

Wed, 31 Oct 2018

By Paul McBeth Oct. 31 (BusinessDesk) - A unit of payday lender Aotea Finance has been fined almost $49,000 and ordered to pay damages of $4,500 for using prohibited items such as beds and fridges as security for its loans. Judge June Jelas sentenced Aotea Finance West Auckland in the Waitakere District Court on Friday in the first case of its kind. The Commerce Commission said the offending took place between June 2015 and March 2016. Legislation prevents lenders from lodging security interests over a range of items, such as cooking...

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