90
In forceObligations under mortgage not to exceed obligations under contract
Part IVRegulated mortgages
Division 1General
90 Obligations under mortgage not to exceed obligations under contract
(1)
A provision in a mortgage relating to a regulated contract that requires or purports to require or secures or purports to secure payment or performance under the contract by the debtor or by a guarantor of the debtor of a debt or other pecuniary obligation or any other obligation of an amount or to an extent that exceeds the payment or performance—
(a)
required by the contract or the contract of guarantee; or
(b)
permitted by this Act—
is void.
(2)
A mortgagee shall not enter into a mortgage that includes a provision that by reason of subsection (1) is void.
- 20 penalty units.
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