National and NZ First have blocked Act leader David Seymour’s attempt to add a definition of a credit fee to the Credit Contracts and Consumer Finance Act.
He objects to peer-to-peer lenders being subject to the requirement that lenders' fees are proportionate to their costs in adminstering a loan. Seymour produced a supplementary order paper to amend the CCCFA. Peer-to-peer lender Harmoney is involved in a court case brought by the Commerce Commission over its platform fees, which used to be a percentage of the loan amount. Seymour said National was suffocating the new peer-to-peer lending industry
Act leader David Seymour is calling on the Minister of Commerce to allow peer-to-peer platforms flexibility in their charges.
Peer-to-peer platform Harmoney has launched its automated lending system.
Previous P2P Lending News
Peer-to-peer lender Harmoney is increasing its loan limit.
Squirrel Money founder John Bolton says he probably would not have bothered with peer-to-peer lending if he had not been able to see opportunities beyond it.
LendMe boss Marcus Morrison says a $1 million loss in its first financial statements reflects the investment made in getting the platform off the ground.
The Commerce Commission has gone to the High Court to ask how the Credit Contract and Consumer Finance Act applies to consumer loans entered into with peer-to-peer lender Harmoney.
Peer-to-peer lender Lending Crowd wants to raise up to $5 million from investors to finance its growth plans.
Peer-to-peer lender Squirrel Money is to launch a secondary market for its investors next week.
Could New Zealand's first and biggest peer-to-peer lender be growing too fast?