Make It Mine Finance Pty Ltd, in the matter of Make It Mine Finance Pty Ltd

In the matter of Make It Mine Finance Pty Ltd, the primary issue before the court was the identification and characterisation of alleged contraventions of the National Credit Code by the respondent, MIM. The Australian Securities and Investments Commission (ASIC) alleged that MIM had engaged in credit activities without the requisite registration or licence and had failed to disclose key information in its credit contracts, contravening various provisions of the National Credit Code. The court was tasked with interpreting the relevant statutory provisions and determining the precise number and nature of the contraventions committed by MIM.

The court examined the arguments presented by both parties concerning the interpretation of specific sections of the National Credit Code and the Transitional Act. ASIC argued for a separation of the contraventions into distinct categories, while MIM contended that some of these should be considered as a single contravention. The court found that there were indeed multiple contraventions, each strictly separate, but noted that for the penalty phase, they would be treated as one contravention for certain sections. The court concluded that MIM had committed four strictly separate contraventions in relation to 24,377 credit contracts, and additional contraventions in relation to other credit contracts over specified periods.

The court ordered that both parties submit declarations of contraventions in accordance with the court's reasoning, along with a proposed timetable for the penalty phase. The further hearing on the question of penalty was adjourned to a later date, with costs reserved. The court directed that within 14 days, each party file and serve short written submissions supporting their proposed declarations and addressing whether any notice should be given in respect of the orders to be made.