8 Jul 2020
HARMONEY LIMITED v COMMERCE COMMISSION [2020] NZCA 275
- Citation
- [2020] 3 NZLR 552
- Court
- Court of Appeal
The credit contract in the Harmoney P2P structure comprises the Loan Contract, the Loan Disclosure and the Borrower Agreement when read objectively and by express cross-reference; Harmoney is a 'creditor' under the CCCFA because its gatekeeper role (registration, vetting, assigning credit grade, setting key terms, approving listing and notifying funding) constitutes at least a significant part of granting the right to incur the debt; the Platform Fee is a 'credit fee' insofar as it is payable by the debtor under the credit contract and payable to Harmoney as creditor, but it does not qualify…