Mortgages and continuing credit contracts
100 Mortgages and continuing credit contracts
A provision in a regulated continuing credit contract to the effect that goods supplied under that or any other contract are, as a result of the provision or of entering into the regulated continuing credit contract, subject to a mortgage is void.
A provision in a mortgage to the effect that goods supplied from time to time under a regulated continuing credit contract are subject to the mortgage is void.
Nothing in subsection (1) or (2) makes void a provision in a mortgage in respect of specified goods securing payment of a debt under a regulated continuing credit contract.
A credit provider shall not enter into a regulated continuing credit contract or mortgage that includes a provision that by reason of subsection (1) or (2) is void.
- 20 penalty units.
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