Regulatory Alerts2025-09-09
Federal Court delivers ruling in ASIC's Money3 responsible lending case
The Federal Court delivered judgment in ASIC's proceedings against Money3 Loans Pty Ltd, finding the car finance provider failed to make reasonable inquiries about borrowers' living expenses and objectives. However, the Court rejected ASIC's allegations that Money3 entered into unsuitable loans or failed to ensure its representatives complied with credit legislation. A case management hearing is listed for 30 October 2025 to determine penalties for the established breaches.
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