National Consumer Credit Protection Act 2009

A credit provider that has taken possession of goods under a mortgage must, within 14 days after doing so, give the mortgagor a written notice containing the following matters:

the estimated value of the goods;

the enforcement expenses incurred up to the date on which the goods were taken into the credit provider’s possession and, if enforcement expenses are accruing while the goods remain in the credit provider’s possession, the rate of accrual;

a statement of the mortgagor’s rights and obligations in the form set out in the regulations.

A credit provider must not dispose of goods taken under the mortgage within 21 days after the date of the notice, unless the court authorises the credit provider to do so.

If at the end of that 21 day period a stay of enforcement proceedings is in force under this Code or an application under section 76 has not been determined, the credit provider must not dispose of the goods until those proceedings have been determined and any period allowed for appeal has elapsed.

The credit provider must return the goods if:

the amount in arrears (less any accelerated amount) and the credit provider’s reasonable enforcement expenses are paid within that 21 day period and the debtor has not committed a further default of the same kind under the credit contract; or

the credit contract is paid out.

A credit provider that contravenes this section commits an offence.

Subsection (5) is an offence of strict liability.

For strict liability, see section 6.1 of the Criminal Code.