National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 12 - MISCELLANEOUS  

Division 2 - Documentary provisions  

185A   Records of nominations of persons to occupy reverse mortgaged properties  

185A(1)    
A credit provider under a credit contract for a reverse mortgage that provides for the debtor to nominate to the credit provider a person who is to be allowed to occupy the reverse mortgaged property, and to revoke such a nomination, must keep in accordance with the regulations a record of any such nominations and revocations.

185A(2)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person engages in conduct; and

(c) the person ' s conduct contravenes the requirement.

Criminal penalty: 50 penalty units.