Solvar (ASX:SVR) said Australia's federal court found in favor of the Australian Securities and Investments Commission (ASIC) in the claims the regulator brought against Money3 Loans in "very limited respects" and rejected "most of the claims" made by ASIC, according to a Monday Australian bourse filing.

The court found that, regarding five consumer loans, covering the period between 2019 and 2021, Money3's credit analysts failed to make reasonable inquiries and take steps to verify the living expenses of those loans, based on certain data in their bank statements.

In relation to one loan, the court found that Money3 failed to make reasonable inquiries about whether their requirements included a request to finance the application fee and broker fee.

The Court found that Money 3's internal benchmarks for assessing the suitability of potential customers were appropriate and in compliance with responsible lending obligations, per Solvar Chairman Stuart Robertson.

Solvar's shares rose over 2% in recent trading on Monday.