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