Sch 1 (National Credit Code), s 179E
In forceDefaults may be remedied
Volume 2Chapter 7 (sections 323 to 337), Schedule 1, Endnotes
Chapter 7Miscellaneous
Part 7-1Miscellaneous
Division 3Review of ASIC’s decisions
179E Defaults may be remedied
(1)
If a default notice under section 179D states that the lessor intends to take action because the lessee is in default under the consumer lease, the lessee may remedy the default within the period specified in the notice, and the lease is then reinstated and any acceleration clause cannot operate.
(2)
A lessee does not remedy the default if, at the end of the period, the lessee is in default under the consumer lease because of the breach specified in the notice or because of a subsequent breach of the same type.
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