finance company has to pay more than $3 million to more than 800 customers who were overcharged with interest and fees.
Broadlands Finance Ltd was investigated by the Commerce Commission in connection with alleged breaches of the Fair Trading Act.
The commission found it had charged interest and fees following the sale of repossessed property, which is prohibited by section 35 of the Credit Repossession Act.
The commission's chair, Mark Berry, says Broadlands misled its customers.
As a result of a settlement with the commission, Broadlands must pay 807 customers about $3.3 million, through a combination of cash and credits to customer accounts.
