Commerce Commission settles with Marac Finance following $500,000 pay-out

The Commerce Commission has settled with Marac Finance Limited following the finance company's 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.

The Credit Contracts and Consumer Finance Act (CCCF Act) requires that an appropriate portion of a premium is refunded to a customer when they repay their loan early. This reduces the final balance payable on the loan ... READ MORE

Released by the Commerce Commission - 25 February 2013