National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
As a condition of granting consent to an assignment or disposal of property subject to a mortgage, the credit provider may make any or all of the requirements set out in this section. This section does not limit any other requirements that may be made by the credit provider.
52(2)
The credit provider may require any breaches of the credit contract to which the mortgage relates and of the mortgage to be remedied.
52(3)
The credit provider may require the mortgagor and the assignee or person to whom the property is disposed to execute and deliver to the credit provider an agreement relating to the assignment or disposal in a form approved by the credit provider under which, without prejudicing or affecting the liability of the mortgagor, the assignee or person to whom the property is disposed agrees with the credit provider:
(a) to be personally liable to pay the amounts due or that become due under the mortgage; and
(b) to perform and observe all other requirements and conditions of the mortgage.
52(4)
The credit provider may require the mortgagor and the assignee or person to whom the property is disposed to pay the reasonable costs (if any) incurred by the credit provider for:
(a) stamp duty in respect of the assignment or disposal agreement, or any other document the credit provider reasonably requires to be executed in connection with the assignment or disposal; and
(b) fees payable to a duly qualified lawyer.
Note:
See section 3 of the National Credit Act.
PART 3 - RELATED MORTGAGES AND GUARANTEES Division 1 - Mortgages 52 Conditions on consent to assignment or disposal of property subject to mortgage 52(1)As a condition of granting consent to an assignment or disposal of property subject to a mortgage, the credit provider may make any or all of the requirements set out in this section. This section does not limit any other requirements that may be made by the credit provider.
52(2)
The credit provider may require any breaches of the credit contract to which the mortgage relates and of the mortgage to be remedied.
52(3)
The credit provider may require the mortgagor and the assignee or person to whom the property is disposed to execute and deliver to the credit provider an agreement relating to the assignment or disposal in a form approved by the credit provider under which, without prejudicing or affecting the liability of the mortgagor, the assignee or person to whom the property is disposed agrees with the credit provider:
(a) to be personally liable to pay the amounts due or that become due under the mortgage; and
(b) to perform and observe all other requirements and conditions of the mortgage.
52(4)
The credit provider may require the mortgagor and the assignee or person to whom the property is disposed to pay the reasonable costs (if any) incurred by the credit provider for:
(a) stamp duty in respect of the assignment or disposal agreement, or any other document the credit provider reasonably requires to be executed in connection with the assignment or disposal; and
(b) fees payable to a duly qualified lawyer.
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