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Tuesday, 12 November 2024 12:18

Commerce Commission ‘secures $200k penalty’ against lender charging up to 182.5% interest

Eagle M.A.N Group Limited - trading as Eagle MAN - has been ordered to pay a pecuniary penalty of $200,000 in the Christchurch High Court for providing high-cost loans which breached multiple aspects of the Credit Contracts and Consumer Finance Act (CCCFA) in the New Zealand competition regulator The Commerce Commission’s first case enforcing rules applying to high-cost lenders.

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