129
In forceUnauthorized insurance need not be maintained
Part VIIContracts of insurance
129 Unauthorized insurance need not be maintained
(1)
Where a debtor or a mortgagor has, in relation to a regulated contract or a regulated mortgage, entered into a contract of insurance that is not a contract of insurance in accordance with the provisions of section 128, the credit provider or mortgagee shall not require, as a condition of the contract or mortgage, that the debtor or mortgagor maintains the contract of insurance in force.
- 20 penalty units.
(2)
Where a regulated contract or a regulated mortgage includes a condition referred to in subsection (1), the condition is void.
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