The Auckland High Court has made declaratory orders that peer-to-peer lenders Harmoney Limited and Harmoney Investor Trustee Limited (together, Harmoney) contravened section 41 of the CCCFA by charging unreasonable establishment fees. Harmoney consented to the Commission seeking those declaratory orders following a settlement between the parties. As part of the settlement, Harmoney also agreed to repay $7m to approximately 37,000 borrowers it over-charged on loans entered into between 26 August 2014 and 25 August 2021.
PartiesHarmoney Limited
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act s 41
