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

26   After section 185 of the National Credit Code

Insert:

185A Records of nominations of persons to occupy reverse mortgaged properties

(1) A credit provider under a credit contract for a reverse mortgage that provides for the debtor to nominate to the credit provider a person who is to be allowed to occupy the reverse mortgaged property, and to revoke such a nomination, must keep in accordance with the regulations a record of any such nominations and revocations.

(2) A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person engages in conduct; and

(c) the person's conduct contravenes the requirement.

Criminal penalty: 50 penalty units.