Regulatory Alerts2025-12-12
Green County and Max Funding Penalised $515,000 for Credit Law Breaches
ASIC announced that the Federal Court ordered business lender Green County Pty Ltd and loan introducer Max Funding Pty Ltd to pay combined penalties of $515,000 for providing unlicensed consumer credit. The penalties were imposed because the entities failed to make reasonable inquiries to verify that loans to two vulnerable consumers were for business purposes, thereby denying them protections under the Credit Code. This decision underscores the regulatory requirement for lenders to exercise considerable care and scrutinize consumer circumstances rather than relying solely on business purpose declarations.
Share