ASIC yesterday unveiled a package of "regulatory outcomes" against consumer leasing businesses Radio Rentals, RR and Rentlo Reinvented, all within the ASX-listed Thorn Group Ltd. ASIC and Thorn will file a Statement of Agreed Facts in the Federal Court, and will make joint submissions that the appropriate penalty to be paid by Thorn is A$2 million. The penalty amount payable by Thorn will be determined by the Court. It is expected the matter will be heard during the first half of 2018.These actions are part of an enforceable undertaking offered by Thorn, and accepted by ASIC, to address past poor conduct and protect future customers. The agreement requires $6.1 million in refunds to about 60,000 customers and write-offs of default fees and $13.8 million in customer refunds of excess lease payments. These contraventions relate to the responsible lending obligations of lease providers to make inquiries and take steps to verify the consumer's financial situation in order to assess whether the lease is suitable for the consumer, before it is entered into.In a statement to the ASX yesterday, the Thorn Group told the ASX it had made provision for both the civil penalty and the remediation payments in its prior year accounts. Radio Rentals said it has already returned approximately $11.8 million of the $13.8 million to customers who overpaid.In addition, in response to ASIC's concerns about Radio Rentals' contracts containing terms that may have led to poor outcomes for consumers, Radio Rentals will:•    roll out a new plain English lease contract by 1 June 2018;•    work with ASIC to improve customer communications whose leases are ending or have ended, about exercising their end of lease options.Soon after the news of the settlement broke yesterday, the share price of ASX-listed Thorn Group was up six per cent on its opening price for the day.Consumer Action Law Centre chief executive officer Gerard Brody advised that affected customers could be entitled to further compensation beyond the refunds on offer under the remediation scheme.Legislation is due to be introduced in 2018 to reform the consumer leasing industry, which would include limiting consumer lease repayments to 10 per cent of an applicant's net monthly income."Unfortunately, irresponsible lending is a systemic issue in the consumer leasing industry. We strongly support Government reforms planned for 2018, which will improve lending practices and make these leases more affordable for everyday Australians," said Brody.