Australian Securities and Investments Commission v GoGetta Equipment Funding Pty Ltd

The Australian Securities and Investments Commission (ASIC) applied to the Federal Court of Australia for declarations and pecuniary penalties against GoGetta Equipment Funding Pty Ltd (GoGetta) for contraventions of sections 29 and 32 of the National Consumer Credit Protection Act 2009 (National Credit Act). GoGetta admitted the contraventions, and the parties agreed that a total penalty of $750,000 would be appropriate. The Court found that GoGetta contravened section 29 of the National Credit Act on 10 occasions and section 32 on 295 occasions by entering into rental agreements for light passenger vehicles without holding an Australian Credit Licence. The contraventions were the result of systemic failures in GoGetta's processes to verify business use in its commercial rental business. The Court held that the agreed penalty of $750,000 was appropriate, taking into account the mitigating factors of GoGetta's cooperation with ASIC, its admissions and remediation efforts. The Court ordered GoGetta to pay the penalty and made declarations of contravention under sections 166 and 167 of the National Credit Act. The Court also ordered GoGetta to pay the applicant's costs as agreed by the parties.