Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Cash Store Pty Ltd (in liquidation) [2014] FCA 926 Citation: Australian Securities and Investments Commission v Cash Store Pty Ltd (in liquidation) [2014] FCA 926
Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v THE CASH STORE PTY LTD (IN LIQUIDATION) (ACN 107 205 612) and ASSISTIVE FINANCE AUSTRALIA PTY LTD (ACN 110 777 565)
File number(s): VID 958 of 2013
Judge(s): DAVIES J
Date of judgment: 26 August 2014
Catchwords: CONSUMER LAW – payday loan business – failure to make reasonable inquiries about the customer's requirements and objectives and financial situation – failure to verify information provided – failure to undertake adequate preliminary assessments – failure to provide credit guides – contraventions of Pts 3-1 and 3-2 of the National Consumer Credit Protection Act 2009 (Cth) – systemic breaches of obligations CONSUMER LAW – payday loan business – provision of customer credit insurance – unconscionable conduct in breach of s 12CB of the Australian Securities and Investments Commission Act 2001 (Cth)
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12CB, 12CC, 12GBA National Consumer Credit Protections Act 2009 (Cth) ss 5, 6, 8, 35, 113, 115, 116, 117, 118, 119, 123, 126, 128, 129, 130, 133, 166, 167, 169 National Consumer Credit Protection Regulations 2010 (Cth) regs 28L, 28N(5)
Cases cited: Australian Competition and Consumer Commission v Henry Kaye and National Investment Institute Pty Ltd [2004] FCA 1363 Australian Competition and Consumer Commission v MSY Technology Pty Ltd (2012) 201 FCR 378; [2012] FCAFC 56 Australian Securities and Investments Commission v Australian Lending Centre Pty Ltd (No 3) (2012) 213 FCR 380; [2012] FCA 43 Australian Securities and Investments Commissions v National Exchange Pty Ltd (2005) 148 FCR 132 Director of Consumer Affairs Victoria v Scully (No 3) [2012] VSC 444 Forster v Jododex Australia Pty Limited (1972) 127 CLR 421 Global Sportsman Pty Ltd v Mirror Newspapers Ltd (1984) 2 FCR 82 Marks v GIO Australia Holdings Limited (1998) 196 CLR 494
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