Zak Finance Limited

Zak Finance Limited (Zak Finance) has been warned by the Commission for potentially breaching the Credit Contracts and Consumer Finance Act 2003. The potential breaches relate to Zak Finance’s record keeping obligations. The Commission’s view is that Zak Finance may have failed to comply with its borrower inquiry and default fee record keeping obligations in contravention of sections 9CA(1), 9CA(2), 41A(1) and 41A(4) of the Credit Contracts and Consumer Finance Act 2003.