Two pawnbrokers each receive HUF 10 mln fine
pixabay
The National Bank of Hungary (MNB) has fined pawn brokers Mecsek Takarék and Zálog és Hitel Pénzügyi HUF 10 million each for violating the rules on calculating the annual percentage rate and the maximum rate of the APR of their secured loans to clients, according to Hungarian news agency MTI.
The central bank is investigating compliance with the APR rules at other pawnbrokers, MTI noted. The MNB said it found in a target audit that both Mecsek Takarék and Zálog és Hitel Pénzügyi had failed to take into account certain fees and commissions when calculating APR, and the latter company also exceeded the maximum APR in a substantial number of cases.
Lenders' Home Loan Outlays at HUF 344 bln in H2 2023
EC Calls on Hungary to Comply With CJEU Ruling on Asylum See...
Spar Magyarország Revenue Climbs Close to 16% in 2023
Spago Budapest Offering Unique Sunday Brunch Experience
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
