119
In forceProhibition of assignment of wages etc.
Part VIRegulated contracts and regulated mortgages—General
119 Prohibition of assignment of wages etc.
(1)
A provision in a regulated contract or in a regulated mortgage to the effect that the debtor or mortgagor assigns or agrees to assign an amount of wages or salary or benefits under a superannuation scheme in payment of, or as security for, the payment of a debt or other pecuniary obligation or any other obligation under the contract or mortgage, is void.
(2)
A credit provider or mortgagee shall not enter into a contract or mortgage that includes a provision that, by reason of subsection (1), is void.
- 20 penalty units.
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