Sch 1 (National Credit Code), s 53
In forceOffence for noncompliance
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-1Investigations
Division 2Investigations
53 Offence for noncompliance
(1)
A credit provider must not:
(a)
enter into a mortgage that contravenes a requirement of this Division; or
(b)
otherwise contravene a requirement of this Division.
Criminal penalty: 50 penalty units.
(2)
A credit provider must not enter into a mortgage that is void or unenforceable, or that includes a provision that is void or unenforceable, because of this Division.
Criminal penalty: 50 penalty units.
(3)
Subsections (1) and (2) are offences of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code.
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