16 2013 december
Holland Authority for the Financial Markets (AFM) has imposed an fine that is administrative BA Finance, a party providing payday advances, and its particular two directors. The fines are for offering loans that are short-termreferred to as вЂpayday loansвЂ™) with no acquired a licence to do this.
The 3 split magazines of this fines as well as 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 administrative fine of в‚¬150,000 on BA Finance B.V. The fine is imposed because BA Finance offered pay day loans within the duration from might 2011 to March 2013 with out acquired a licence through the AFM. This can be a contravention of part 2:60 (1) of this Financial Supervision Act (Wft).
Finance itself just charged consumers low solution charges, 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.