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QLD money lender has ACL cancelled

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Credit Licence (ACL) of a North Queensland short-term credit lender due to criminal activity.

In a statement issued today, ASIC said Cairns-based lending business Same Day Money Pty Ltd was not “fit and proper to engage in credit activities” and gave its director, Lawrence James Sullivan, a four-year ban.

ASIC found that a number of criminal convictions against the business and its director in June 2012 had made credit lending activity inappropriate.

Sullivan was convicted of obstructing a Queensland Office of Fair Trading inspector and making a statement knowing it to be false or misleading pursuant to the Consumer Credit (Queensland) Act.

According to the ASIC statement, Sullivan made false statements to ASIC in relation to Same Day Money's ACL Annual Compliance Certificate and other forms lodged with ASIC.

More broadly, the statement said “Sullivan lacks the knowledge, diligence, honesty, integrity and judgement to operate a credit business”.

“ASIC is committed to identifying instances of poor practice by those in the credit industry,” said ASIC commissioner Peter Kell.

“This action shows that when the required performance and compliance standards are not being met, we will not hesitate to remove individuals and entities from the industry.”