Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Fast Access Finance Pty Ltd (No 2) [2017] FCA 243 File number: QUD 489 of 2013
Judge: DOWSETT J
Date of judgment: 10 March 2017
Catchwords: CONSUMER LAW – consumer credit – contraventions of the National Consumer Credit Protection Act 2009 (Cth) and the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth) – prohibition on engaging in credit without an Australian credit licence – where the business model involved the purported sale and purchase of diamonds, designed so as to conceal the nature of the money-lending transactions – penalty imposed on the company that designed and developed the model – penalty imposed on two franchisees who implemented the model
Legislation: Crimes Act 1914 (Cth) s 4AA Crimes and Other Legislation Amendment Act 1997 (Cth) Sch 1, item 9 Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Act 2012 (Cth) Sch 3, Pt 2, item 7 National Consumer Credit Protection Act 2009 (Cth) ss 5, 6(1), 29(1), 167 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth) items 4, 6 National Credit Code (Cth) s 204
Cases cited: Australian Securities and Investments Commission v Make it Mine Finance Pty Ltd (No 2) [2015] FCA 1255 Trade Practices Commission v CSR Ltd (1991) ATPR ¶41-076
Date of hearing: 15 March 2016
Date of last submissions: 8 April 2016
Registry: Queensland
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