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

18   After section 67 of the National Credit Code

Insert:

67A Changes to tenancy protection in credit contracts for reverse mortgages

A purported change to a credit contract for a reverse mortgage that makes provision for a person other than the debtor to occupy the reverse mortgaged property is void so far as the change purports to:

(a) remove a provision required by subsection 17(15A) to be contained in the contract document; or

(b) vary the contract so as to limit:

(i) the ability of the debtor to nominate to the credit provider a person who is to be allowed to occupy the reverse mortgaged property (whether alone or with other persons); or

(ii) the rights of a person nominated by the debtor to the credit provider to occupy the property.