National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 5 - ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES  

Division 1 - Ending of credit contract by debtor etc.  

Subdivision B - Ending of reverse mortgage by credit provider receiving value of reverse mortgaged property  

86D   Credit provider must not demand or accept further payments  

86D(1)    
The credit provider must not:

(a) purport to require payment under the credit contract; or

(b) accept a payment purportedly under the credit contract.

Note 1:

If the credit provider contravenes this requirement, the court may order the credit provider to compensate anyone affected by the contravention: see section 124.

Note 2:

This section does not apply in some cases: see section 86E.

86D(2)    
To avoid doubt, subsection (1) does not apply to the payment (if any) that is described in subparagraph 86A(1)(b)(i) and caused this Subdivision to apply.