Twenty Fifty Club Limited was convicted of breaches of s47(J) of the FTA and s113(i) of the CCCFA for failing to comply with statutory notices without reasonable excuse. It was also convicted of misrepresenting rights to repossess goods under s13(i) of the Fair Trading Act and misrepresenting that it was a registered financial service provider under s 13(f). The company was convicted of failing to provide initial disclosure under s17 of the CCCFA and charging unreasonable fees under s41. Mr Gavin Marsich was convicted as a party to the company's offending. Twenty Fifty Club was fined $38,000. Mr Marsich was also fined $38,000, and ordered to pay reparation of $4,409.20 to one borrower. The Court also made an order banning Mr Marsich indefinitely from providing credit under consumer credit contracts, acting as a director or taking part directly or indirectly in the management or control of any company or business that provides credit under consumer credit contracts.
PartiesTwenty Fifty Club and Gavin Marsich
Category
Consumer, Consumer credit
Sub-category
Act/Section
Fair Trading Act ss 13(f), 13(i), 47J; Credit Contracts and Consumer Finance Act ss 17, 41, 113(i)
