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

Schedule 2   Reverse mortgages

Part 3   Provisions applying to credit providers generally

National Consumer Credit Protection Act 2009

15   At the end of section 26 of the National Credit Code

Add:

(6) A credit contract for a reverse mortgage may not prohibit an early payment that:

(a) is made in the circumstances described in paragraph 86A(1)(a); and

(b) is of the amount described in paragraph 86A(1)(b).