Independent legal advice before entry into credit contract for reverse mortgage
18C Independent legal advice before entry into credit contract for reverse mortgage
The regulations may regulate or prohibit the entry by a credit provider into a credit contract for a reverse mortgage if the debtor has not obtained legal advice, in accordance with the regulations, about the contract or reverse mortgage.
The regulations may provide for offences and civil penalties for contraventions of regulations made for the purposes of subsection (1).
The penalties for offences described in subsection (2) must not be more than 50 penalty units for an individual or 500 penalty units for a body corporate.
The civil penalty for a contravention of a regulation made for the purposes of subsection (1) by an individual is 5,000 penalty units. However, section 167B of the National Credit Act applies in the same way as it would apply if the regulation contravened were a civil penalty provision under that Act.
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