National Consumer Credit Protection Act 2009
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.
View history note
Hide history noteIf the amount received by the credit provider exceeds the adjusted market value for the reverse mortgaged property, the credit provider must pay the excess to the debtor.
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.
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