Credit act comes into play
The National Consumer Credit Act was implemented for the first time after a Sydney director was ordered to pay a fine of $7500.
Nathan Elali, the sole director of former company EasyChoice Home Loans, advertised the company could provide credit (although it was unlicensed).
Elali, as sole director, was found guilty of knowingly contravening the National Consumer Credit Protection Act 2009, as the provision of home and investment property loans was advertised on the EasyChoice website for more than a year.
The advertising was only removed after court proceedings had commenced, despite numerous warnings by the Australian Securities and Investments Commission (ASIC) to remove it.
ASIC took over responsibility from the states and territories for regulating the Act, which prevents individuals or businesses from engaging in credit activities without holding a credit licence or being a representative of a credit licence holder.
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