453
CurrentProhibited conduct in relation to run-out mortgage
Chapter 3Conduct of legal practice
Part 3.6Mortgage practices and managed investment schemes
Division 4Transitional arrangements for pre-existing mortgages
453 Prohibited conduct in relation to run-out mortgage
A legal practitioner must not, in acting for a lender or contributor:
(a)
advance to a borrower for a run-out mortgage any money entrusted to the practitioner; or
(b)
do any work for the purpose of extending the term of a run-out mortgage; or
(c)
accept any money from a client for the purpose of advancing the money to a borrower for a run-out mortgage; or
(d)
do anything in contravention of the regulations or the professional conduct rules relating to run-out mortgages.
Regulations
This provision refers to the regulations (the regulations
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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