Warning issued re likely breaches as follows: CCCFA s17 by failing to provide borrowers with initial disclosure of applicable information about their consumer credit contracts; CCCFA s22 by failing to provide borrowers with disclosure about changes to their loan contracts when additional borrowings were added to the original loan balance; and FTA s13(i) by providing false or misleading information to borrowers. The Commission also provided compliance advice in the warning letter in relation to unreasonable fees and the methodology used to calculate loan pre-payment fees.
PartiesAndrew Reid, director of Walter Gollan Limited
Category
Consumer credit
Sub-category
Act/Section
Fair Trading Act s 13(i); Credit Contracts and Consumer Finance Act ss 17, 22
