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Commission files Harmoney proceedings

Friday, August 25th, 6:49PM

The Commerce Commission has filed civil proceedings against Harmoney at the High Court, claiming peer-to-peer lender Harmoney's platform fees broke the law and borrowers deserve compensation.

The moves comes after the commission asked the same court a number of legal questions in 2016, to clarify how the Credit Contracts and Consumer Finance Act (CCCFA) applied to the platform's fees and to consumer loans administered by Harmoney. In May, the High Court struck out two of the commission's questions. The court is due to consider arguments about the remaining three questions in October. The commission says the peer-to-peer lender breached the CCCFA, which prohibits lenders charging unreasonable credit fees

TSB lends through Harmoney

Sunday, June 11th, 9:21PM

TSB Bank has revealed it has lent $50 million in peer-to-peer loans via Harmoney.

Government 'suffocating' peer-to-peer

Thursday, March 23rd, 6:00AM

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.

Previous P2P Lending News

NZ must be nimble on p2p: Seymour

Tuesday, October 11th, 9:59PM

Act leader David Seymour is calling on the Minister of Commerce to allow peer-to-peer platforms flexibility in their charges.

Harmoney launches automated service

Friday, September 30th, 12:03PM

Peer-to-peer platform Harmoney has launched its automated lending system.

Harmoney offers bigger loans

Thursday, September 22nd, 10:40PM

Peer-to-peer lender Harmoney is increasing its loan limit.

Squirrel looking for more opportunities

Tuesday, September 20th, 8:12PM

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.

First year loss not unexpected: LendMe

Wednesday, September 7th, 6:00AM

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.

ComCom wants legal clarity

Monday, August 29th, 10:06AM

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.

Lending Crowd wants to raise $5m

Friday, August 12th, 12:38PM

Peer-to-peer lender Lending Crowd wants to raise up to $5 million from investors to finance its growth plans.

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