Bankrupt loan shark fined for breaches of consumer credit law

Thu, 28 Jun 2012

June 28 (BusinessDesk) - A bankrupt loan shark who charged interest on loans of as much as 1,738 percent, has been fined in the Christchurch District Court for breaches of consumer credit law. Barry Hunt was fined $18,532 plus court costs of $1,461.79 after being prosecuted by the Commerce Commission over 15 loan contracts with 11 different debtors between September 2006 and August 2007. Among breaches to the Credit Contracts and Consumer Finance Act, the contracts failed to give the full name and address of the lender and Hunt used a range...

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