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The Times

ASIC puts payday lenders on notice they may be breaching the law

  • Written by Jeannie Marie Paterson, Professor of Law (consumer protections and credit law), The University of Melbourne

Late last week, corporate watchdog the Australian Securities and Investments Commission (ASIC) issued a warning to lenders that provide high-fee small-amount loans – known as payday lenders – that they may be breaching consumer-lending laws.

Trying to provide effective protections to borrowers of these small loans is fiendishly...

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