Australian Securities and Investments Commission v Australian Lending Centre Pty Ltd (No 3) [2012] FCA 43

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Australian Lending Centre Pty Ltd (No 3) [2012] FCA 43 Citation: Australian Securities and Investments Commission v Australian Lending Centre Pty Ltd (No 3) [2012] FCA 43

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v AUSTRALIAN LENDING CENTRE PTY LTD, SYDNEY LENDING CENTRE PTY LTD, AMR INVESTMENTS PTY LTD and CHRISTOPHER JOHN RIOTTO

File number: NSD 606 of 2010

Judge: PERRAM J

Date of judgment: 3 February 2012

Catchwords: CORPORATIONS – Unconscionable conduct – financial services – definition of financial product – whether offer of loan a financial product where no loan settled – business purpose declarations – whether loan for business purpose – knowledge of defendants – Australian Securities and Investments Commission Act 2001 (Cth) ss 12CA, 12CB CORPORATIONS – Misleading and deceptive conduct – whether defendants mislead consumers through letters purporting to offer loan – whether defendants mislead lenders as to purpose of proposed or actual loans – Australian Securities and Investments Commission Act 2001 (Cth) ss 12DA, 12DB

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12BAA, 12BAB, 12CA, 12CB, 12CC, 12DA, 12DB Consumer Credit (New South Wales) Act 1995 (NSW) Consumer Credit (Queensland) Act 1994 (QLD) Consumer Credit Administration Act 1995 (NSW) Federal Court of Australia Act 1976 (Cth) s 21 National Consumer Credit Protection Act 2009 (Cth) Real Property Act 1900 (NSW) Consumer Credit Code (NSW) s 11 Consumer Credit Regulation 1995 (QLD)