Mortgage financing
95BA Mortgage financing
On and from the commencement of this section, mortgage financing is not to be regarded as part of the practice of the profession of the law.
A legal practitioner who engages in mortgage financing must inform each prospective lender and borrower, orally and in writing, that any loss suffered as a result of mortgage financing will not be compensated by the Fidelity Fund or covered by professional indemnity insurance required under this Act.
Maximum penalty: $10 000.
It is not the intention of the Parliament that any implication be drawn from this Act (or the Act that inserted this section) that mortgage financing when engaged in by a legal practitioner before the commencement of this section was part of the practice of the profession of the law.
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