16 2013 december
Holland Authority for the Financial Markets (AFM) has imposed an administrative fine on BA Finance, a party providing payday advances, and its own two directors. The fines are for providing loans that are short-termreferred to as вЂpayday loansвЂ™) with no obtained a licence to do this.
The 3 split magazines associated with the fines therefore the decisions that are associated listed below.
AFM imposes fine on BA Finance for providing loans that are payday a licence
Holland Authority when it comes to Financial Markets (AFM) has imposed an fine that is administrative of on BA Finance B.V. The fine is imposed because BA Finance offered payday loans into the duration from might 2011 to March 2013 with no obtained a licence through the AFM. This can be a contravention of part 2:60 (1) of this Financial Supervision Act (Wft).
Finance it self just charged customers service that is low, if the loan had not been paid back inside the agreed 7-day period, BA Finance would pass the mortgage to Credit asking B.V. for collection, browse around these guys who charged the buyer high prices for non-compliance, as an example в‚¬135 on that loan of в‚¬500. Continue reading “Three fines when it comes to offering that is illegal of loans”