Yuan Rong Yang and Sunway Finance Limited
Conviction of Mr Yang on two charges for failure to give disclosure contrary to s17 and 103 Credit Contracts and Consumer Finance Act 2003 (CCCFA). Fined $30,000 and a banning order granted under 108(1) CCCFA. Additional statutory damages awarded of $3,000 under s88 CCCFA. Contracts reopened under s120 CCCFA. Finding that Mr Yang was an unlicensed money lender and loan shark not registered on the Financial Service Providers Register.
Case Details
Parties
Yuan Rong Yang and Sunway Finance Limited
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act 2003 17, 88, 103, 108(1), 120, Financial Services Providers (Registration and Dispute Resolution) Act 2008 11
Industry
Financial and insurance services
Status
Closed
Outcome
Judgment
Case Number
Date opened
11 December 2015
Date closed
11 December 2015
Contact person