New Zealand High-Cost Consumer Credit Contracts; may fail to open an Account
A New Zealand High-Cost Consumer Credit Contract Loan may fail to open and remain at "Quote" status.
The error message is "Account was saved but failed to 'Open' and remains in a 'Quote' state. The Account can be opened via the Accept or Decline wizard on the Accounts form. Failed to Open Account '[AccountId]'. Failed to commit Batch. Cannot partially commit Batch. Invalid High-Cost Loan adjustment.".
The occurs if the maximum Cost of Borrowing is exceeded by an "Opening" Transaction. For example, where the advance is $100, but an establishment fee of $125 is charged.