Two pawnbrokers each receive HUF 10 mln fine

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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.

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