Farmer-initiated mediation
25 Farmer-initiated mediation
A farmer who owes money to a Creditor under a farm mortgage may make a request to the Creditor inviting the Creditor to participate in mediation in respect of the farm debt concerned.
A mediation request under subsection (1) – is to be in an approved form; and must specify that a failure by the Creditor to respond to the request, within the period specified in subsection (3), may constitute a ground for the grant of a prohibition certificate; and may be made whether or not the farmer is in default under the farm mortgage; and may not be made if the Creditor has given the farmer a notice inviting mediation in respect of the farm debt.
A Creditor must respond, in an approved form, to a mediation request within 20 business days after receiving the request.
This Act’s bill:Explanatory notesSecond reading speech
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