455
CurrentLimited claims against Fidelity Fund by substitute lender
Chapter 3Conduct of legal practice
Part 3.6Mortgage practices and managed investment schemes
Division 4Transitional arrangements for pre-existing mortgages
455 Limited claims against Fidelity Fund by substitute lender
(1)
A person who becomes a lender or contributor under a run-out mortgage after the application date is not entitled to apply for compensation from the Fidelity Fund for pecuniary loss suffered in relation to the mortgage.
(2)
Subsection (1) does not apply if the legal practitioner who acts for the person fails to give the client notice under section 454.
This Act’s bill:Explanatory statementSecond reading speech
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