Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_185a
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 185A
Character Range: 1046574–1047226

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.