Federal Court of Australia orders record penalty against payday lender
The Federal Court has awarded record penalties totalling $19 million against a payday lender and a loan funder for breaches of their responsible lending obligations and engaging in unconscionable conduct. This is the first Australian case brought under the responsible lending provisions. New Zealand's responsible lending provisions come into force on 6 June 2015.
Link: Chapman Tripp commentary – responsible lending regime
The information in this article is for informative purposes only and should not be relied on as legal advice. Please contact Chapman Tripp for advice tailored to your situation.
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