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Payday lenders Cigno and BHF have filed High Court challenges to a judgment which found they could not bypass lender obligations contained in the Credit Code, warning the judgment could subject buy now, pay later schemes to the Code.
ASIC is challenging the dismissal of its enforcement action against payday lenders Cigno and BHF Solutions in a decision that found the companies did not need a licence to issue loans to hundreds of thousands of consumers.
A court has dismissed ASIC’s enforcement action against payday lenders Cigno and BHF Solutions, finding the companies did not need a licence to issue loans to hundreds of thousands of consumers.
Facing an ASIC enforcement action over alleged breaches of Australian credit laws, payday lenders BHF Solutions and Cigno claim they did not need a licence to issue loans to hundreds of thousands of consumers.