Legal Profession Act 2006

In this Part:

application date means 1 December 2002.

ASIC exemption means an exemption from the Corporations Act given by ASIC under that Act.

associate, of a legal practitioner, see section 439.

borrower means a person who borrows from a lender or contributor money that is secured by a mortgage.

client, of a legal practitioner, means a person who:

(a) receives the legal practitioner's advice about investment in a regulated mortgage or managed investment scheme; or

(b) gives the legal practitioner instructions to use money for a regulated mortgage or managed investment scheme.

contributor means a person who lends, or proposes to lend, money that is secured by a contributory mortgage arranged by a legal practitioner.

contributory mortgage means a mortgage to secure money lent by 2 or more contributors as tenants in common or joint tenants, whether or not the mortgagee is a person who holds the mortgage in trust for or on behalf of those contributors.

financial institution means:

(b) a trustee company as defined in the Companies (Trustees and Personal Representatives) Act 1981; or

(c) a corporation or other body prescribed, or of a class prescribed, by the regulations.

legal practitioner means an Australian legal practitioner.

lender means a person who lends, or proposes to lend, a borrower money that is secured by a mortgage.

member, of a managed investment scheme, see the Corporations Act.

regulated mortgage means a mortgage (including a contributory mortgage) other than:

(b) a mortgage under which the lender or contributors nominate the borrower, but only if the borrower is not a person introduced to the lender or contributors by the legal practitioner who acts for the lender or contributors or by:

(iii) a person engaged by the legal practitioner for the purpose of introducing the borrower to the lender or contributors; or

(c) a mortgage prescribed, or of a class prescribed, by the regulations as exempt from this definition.

responsible entity, see the Corporations Act.

run-out mortgage means a regulated mortgage created before the application date that is not:

(b) a mortgage that forms part of a managed investment scheme that is required to be operated by a responsible entity under the Corporations Act (as modified by any ASIC exemption or the regulations under that Act).

Territory regulated mortgage, see section 440.

Territory regulated mortgage practice means a legal practitioner's practice in relation to which a nomination made under section 442 is in force.