Sch 1 (National Credit Code), s 185A
In forceRecords of nominations of persons to occupy reverse mortgaged properties
Volume 2Chapter 7 (sections 323 to 337), Schedule 1, Endnotes
Chapter 7Miscellaneous
Part 1Preliminary
185A Records of nominations of persons to occupy reverse mortgaged properties
(1)
A credit provider under a credit contract for a reverse mortgage that provides for the debtor to nominate to the credit provider a person who is to be allowed to occupy the reverse mortgaged property, and to revoke such a nomination, must keep in accordance with the regulations a record of any such nominations and revocations.
(2)
A person commits an offence if:
(a)
the person is subject to a requirement under subsection (1); and
(b)
the person engages in conduct; and
(c)
the person’s conduct contravenes the requirement.
Criminal penalty: 50 penalty units.
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