Regulatory Alerts2026-04-27
Federal Court Orders Money3 to Pay $1.55 Million Penalty for Responsible Lending Breaches
The Federal Court has ordered Money3 Loans Pty Ltd to pay $1.55 million in penalties for breaching responsible lending obligations by failing to verify borrowers' living expenses and objectives for five car finance loans. ASIC initiated proceedings in 2023, highlighting the lender's misconduct toward vulnerable consumers who could not access traditional bank loans. This enforcement action aligns with ASIC's 2026 priority to combat predatory lending practices and protect financially disadvantaged individuals.
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