95
In forceNotice of intention not to proceed to enforce mortgage
Part 13Miscellaneous
Division 13.2Other matters
95 Notice of intention not to proceed to enforce mortgage
(1)
A mortgagee in possession of a lot included in a community title scheme commits an offence if the mortgagee—
(a)
decides not to enforce the mortgage; and
(b)
fails to immediately give written notice of the decision to the body corporate.
Maximum penalty: 20 penalty units.
(2)
An offence against this section is a strict liability offence.
(3)
On giving the written notice, the mortgagee ceases to be a mortgagee in possession of the lot and is not the owner of the lot under this Act.
This Act’s bill:Explanatory statementSecond reading speech
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