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New Zealand: Merged lender repays consumers nearly $500K

By  |  February 25, 2013

A New Zealand lender is dishing out more than $475 thousand as part of an antitrust settlement. Marac Finance unit, which merged with two other lenders to create Heartland New Zealand, has refunded nearly half a million dollars in unpaid loan repayment insurance rebates as part of a settlement with New Zealand’s Commerce Commission. The Commission received a complaint in 2010 accusing the lender of not paying rebates to customers who repaid auto loans early between 2006 and 2010. In response, the regulator found the company to be in violation of the Credit Contracts and Consumer Finance Act. About 1,000 customers will be repaid.

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    Full Content: The New Zealand Herald

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