Australian LENDERS named in a landmark predatory lending case have registered as consumer credit providers under the Australian Securities and Investments Commission's new national licensing program.
ASIC is taking over regulation of all consumer lending, including credit cards, store cards and mortgages tomorrow, replacing the state-by-state approach.
Bleier Mortgage Corporation, in Double Bay, and Permanent Mortgages, in Traralgon, Victoria, have registered to become credit providers. The registrations, the first step in gaining consumer credit licences, have been made although both lenders were named in a 2006 ruling in the NSW Supreme Court about predatory lending.
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