Holland Authority for the Financial Markets (AFM) has imposed a fine that is administrative BA Finance, a party providing payday advances, as well as its two directors. The fines are for providing short-term loans (referred to as вЂpayday loansвЂ™) with out obtained a licence to take action.
The 3 split magazines associated with the fines therefore the decisions that are associated listed below.
AFM imposes fine on BA Finance for providing pay day loans without a licence
Holland Authority for the Financial Markets (AFM) has imposed an administrative fine of в‚¬150,000 on BA Finance B.V. The fine is imposed because BA Finance offered payday advances when you look at the period with no acquired a licence through the AFM. This really is a contravention of area 2:60 (1) associated with Financial Supervision Act (Wft).
BA Finance it self just charged customers service that is low, if the loan wasn’t paid back inside the agreed 7-day period, BA Finance would pass the mortgage to Credit asking B.V. for collection, whom charged the customer high prices for non-compliance, as an example в‚¬135 on that loan of в‚¬500.