Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_88:p2
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 88 (pt 2/3)
Character Range: 889361–892111

with a power of attorney relating to the mortgagor's financial affairs.
Criminal penalty: 50 penalty units.
Note: If a mortgagor has given a credit provider a postponement request there may be extra requirements that the credit provider must comply with before beginning enforcement proceedings: see section 94.

Default notice requirements
 (3) A default notice must contain a prominent heading at its top stating that it is a default notice and specify:
 (a) the default; and
 (b) the action necessary to remedy the default; and
 (c) a period for remedying the default; and
 (d) the date after which enforcement proceedings in relation to the default, and, if relevant, repossession of mortgaged property may begin if the default has not been remedied; and
 (e) that repossession and sale of mortgaged property may not extinguish the debtor's liability; and
 (f) the information prescribed by the regulations about the debtor's right to:
 (i) give a hardship notice under section 72; or
 (ii) give a postponement request under section 94; or
 (iii) make an application to the court under sections 74 and 96; and
 (g) the information prescribed by the regulations about:
 (i) the AFCA scheme; and
 (ii) the debtor's rights under that scheme; and
 (h) that a subsequent default of the same kind that occurs during the period specified for remedying the original default may be the subject of enforcement proceedings without further notice if it is not remedied within the period; and
 (i) that, under the Privacy Act 1988, a credit reporting body (within the meaning of that Act) may collect and hold default information (within the meaning of that Act) in relation to the default; and
 (j) any other information prescribed by the regulations.

Combined notices
 (4) Default notices that may be given under subsections (1) and (2) may be combined in one document if given to a person who is both a debtor and a mortgagor.

When default notice not required
 (5) A credit provider is not required to give a default notice or to wait until the period specified in the default notice has elapsed, before beginning enforcement proceedings, if:
 (a) the credit provider reasonably believes that it was induced by fraud on the part of the debtor or mortgagor to enter into the credit contract or mortgage; or
 (b) the credit provider has made reasonable attempts to locate the debtor or mortgagor but without success; or
 (c) the court authorises the credit provider to begin the enforcement proceedings; or
 (d) the credit provider reasonably believes that the debtor or mortgagor has removed or disposed of mortgaged goods under a mortgage related to the credit contract or under the mortgage concerned, or intends to remove or dispose of mortgaged goods,