Finance company providing vehicle finance to consumers and businesses through a dealer network. A subsidiary of Heartland Bank Limited. The Commission has settled with Marac following the finance companys decision to refund 1,000 customers a total of about $567,000. The refunds are to borrowers who paid their loans back early between 2006 and 2010 but were not refunded premiums for their loan repayment insurance.
PartiesMarac Finance Limited
Category
Consumer credit
Sub-category
Act/Section
Fair Trading Act s 13(i); Credit Contracts and Consumer Finance Act ss 51, 52
