16 December 2013
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 short-term loans (referred to as вЂpayday loans’) with out acquired a licence to take action.
The three split magazines for the fines plus the associated choices are given just 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 pay day loans when you look at the duration from May 2011 to March 2013 with no acquired a licence through the AFM. This will be a contravention of part 2:60 (1) regarding the Financial Supervision Act (Wft).
Finance it self just charged customers service that is low, if the loan had not been paid back in the agreed 7-day period, BA Finance would pass the mortgage to Credit asking B.V. Read more
