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 2 - Enforcement of credit contracts, mortgages and guarantees 90 Requirements to be met before credit provider can enforce guarantee against guarantor 90(1)A credit provider must not, under a guarantee, enforce a judgment against a guarantor unless:
(a) the credit provider has obtained a judgment against the debtor for payment of the guaranteed liability and the judgment remains unsatisfied for 30 days after the credit provider has made a written demand for payment of the judgment debt; or
(b) the court has relieved the credit provider from the obligation to obtain a judgment against the debtor on the ground that recovery from the debtor is unlikely; or
(c) the credit provider has made reasonable attempts to locate the debtor but without success; or
(d) the debtor is insolvent.
Criminal penalty: 50 penalty units.
90(2)
Subsection (1) is an offence of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
