Consumer Credit Legislation Amendment (Enhancements) Act 2012 (130 of 2012)

Schedule 2   Reverse mortgages

Part 1   Definitions

Division 2   Other definitions

National Consumer Credit Protection Act 2009

5   Subsection 204(1) of the National Credit Code

Insert:

bridging finance contract : a credit contract is a bridging finance contract if:

(a) when the contract is made, the debtor:

(i) reasonably expects to receive a lump sum before the term of the contract ends; and

(ii) intends to discharge the debtor's obligations under the contract so far as possible with that sum; and

(aa) the term of the contract is 2 years or less; and

(b) the conditions (if any) prescribed by the regulations are met.