Alternate Finance Limited was fined a total of $51,750 and ordered to pay more than $12,000 in statutory damages to borrowers, because some of their loan contracts included security interests taken over prohibited consumer goods, meaning that the companies could repossess them if the borrower did not make payments on the loan.
PartiesAlternate Finance
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act s 83ZN
