Sch 1 (National Credit Code), s 86C
In forceCredit provider must pay debtor excess of receipt over adjusted market value for reverse mortgaged property
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-3ASearch warrants
Division 2Extra application of Crimes Act search warrant provisions
Subdivision BModifications
86C Credit provider must pay debtor excess of receipt over adjusted market value for reverse mortgaged property
If the amount received by the credit provider exceeds the adjusted market value for the reverse mortgaged property, the credit provider must pay the excess to the debtor.
Note 1:
If the credit provider contravenes this requirement, the court may order the credit provider to compensate anyone affected by the contravention: see section 124.
Note 2:
This section does not apply in some cases: see section 86E.
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