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Taxpayers up for huge costs if ComCom loses court battle

More co-operation is needed in the Commerce Commission’s latest finance fee case or both sides could rack up huge legal bills, a High Court judge has warned.

As reported this week by NBR online, the commission is taking a civil case against specialist lender Bluestone Mortgages under the Credit Contracts and Consumer Finance Act, which came into force in 2005.

It has taken the case on behalf of borrowers, claiming that a fee the lender charges for early repayment of loans is “unreasonable.”

 

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