New Zealand:
Federal Court of Australia orders record penalty against payday lender
Going to Market - consumer law update
22 March 2015
Chapman Tripp
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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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