Australian Securities and Investments Commission v Fast Access Finance Pty Ltd [2015] FCA 1055

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Fast Access Finance Pty Ltd [2015] FCA 1055 Citation: Australian Securities and Investments Commission v Fast Access Finance Pty Ltd [2015] FCA 1055

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v FAST ACCESS FINANCE PTY LTD ACN 078 233 084, FAST ACCESS FINANCE (BEENLEIGH) PTY LTD ACN 095 585 292 and FAST ACCESS FINANCE (BURLEIGH HEADS) PTY LTD ACN 104 904 225

File number: QUD 489 of 2013

Judge: DOWSETT J

Date of judgment: 30 September 2015

Catchwords: CONSUMER LAW – consumer credit – various contraventions of the statutory regime comprised by the National Consumer Credit Protection Act 2009 (Cth), the National Credit Code and the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth) – prohibition on engaging in credit activity without an Australian credit licence – whether the respondents were "credit providers" under a "credit contract" and provided "credit" for which a "charge" was payable and thus engaged in conduct to which the statutory regime applied – whether the impugned transactions were a pretence or sham concealing, in reality, a provision of credit – where the respondents' business model purportedly involved the sale and purchase of "diamonds" to and from customers.

Legislation: Acts Interpretation Act 1901 (Cth) s 2C National Consumer Credit Protection Act 2009 (Cth) ss 5, 6, 10, 29, 35, 36, 37, 166, 169, 180 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth) Sch 2, Items 4, 6 National Credit Code (Cth) ss 3, 4, 5, 17, 34, 76, 77, 204 Sale of Goods Act 1896 (Qld) ss 19, 24