Make It Mine Finance Pty Ltd, in the matter of Make It Mine Finance Pty Ltd (No 2)

In the case of Make It Mine Finance Pty Ltd, in the matter of Make It Mine Finance Pty Ltd (No 2), the Australian Securities and Investments Commission (ASIC) sought penalties against Make It Mine Finance Pty Ltd (MIM) for breaches of the National Credit Code. The court was required to determine the appropriate penalties for MIM's failure to disclose key requirements in credit contracts, breach of responsible lending requirements, and engaging in credit activity without appropriate registration or licence. The court found that MIM's conduct was motivated by commercial expediency and entrepreneurialism, without proper regard for its compliance obligations. The court also noted that MIM had taken steps to remedy systemic deficiencies and had co-operated with ASIC.

The court imposed a total penalty of $1.25 million, consisting of $500,000 for the disclosure breaches, $500,000 for the responsible lending breaches, and $250,000 for the licensing breaches. The court made appropriate discounts to reflect MIM's co-operation with ASIC, the fact that it instituted one of the proceedings, the fact that it had made substantial changes to its systems designed to ensure that similar contraventions do not occur, and its level of contrition. The court also noted that the penalties fixed adequately satisfied the primary objective of deterrence and were proportionate to the seriousness of the infringing conduct. The court made the following orders: (1) MIM pay a pecuniary penalty to the Commonwealth of Australia in the amount of $1,250,000; (2) payment by MIM of the said sum to ASIC shall be treated as receipt by the Commonwealth of Australia and as discharging the obligation and liability in order 1; (3) MIM pay ASIC's costs of both proceedings, including reserved costs; and (4) there be a stay on the operation of order 1 for a period of 30 days.