MTF/Sportzone ruling clears way for new consumer credit fee guidelines

Wed, 07 Sep 2016

By Jonathan Underhill Sept. 7 (BusinessDesk) - Draft guidelines for lenders on consumer credit fees show the Commerce Commission will only accept those that are reasonable, related to actual costs and aren't being used to generate profits. The regulator has released a set of updated draft guidelines for feedback following the Supreme Court's dismissal in May of an appeal by Motor Trade Finance and Sportzone Motorcycles against rulings in a case brought by the Commerce Commission that fees they charged in loan contracts were unreasonable....

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