Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_17:p4
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 17 (pt 4/5)
Character Range: 776914–779577

provider, an amount payable in connection with a credit‑related insurance contract or commission paid to employees of the credit provider.

Insurance financed by contract
 (15) If the credit provider knows that the debtor is to enter into a credit‑related insurance contract and that the insurance is to be financed under the credit contract, the contract document must contain:
 (a) the name of the insurer; and
 (b) the amount payable to the insurer or, if it is not ascertainable, how it is calculated; and
 (c) the kind of insurance and any other particulars that may be prescribed by the regulations; and
 (d) if the credit provider knows of any commission to be paid by the insurer for the introduction of the insurance business—a statement that it is to be paid and, if ascertainable, the amount of the commission expressed either as a monetary amount or as a proportion of the premium.
In the case of consumer credit insurance that includes a contract of general insurance within the meaning of the Insurance Contracts Act 1984:
 (e) it is sufficient compliance with paragraphs (a) and (b) if the contract document contains the name of the general insurer and the total amount payable to the insurers (or, if it is not ascertainable, how it is calculated); and
 (f) it is sufficient compliance with paragraph (d) relating to the amount of commission if the contract document contains the total amount of commission (expressed as a monetary amount or as a proportion of the premium) to be paid by the insurers.
Note: A penalty may be imposed for contravention of a key requirement in paragraph (a) or (b): see Part 6.

Provisions for person other than debtor to occupy reverse mortgaged property
 (15A) If the credit contract for a reverse mortgage is to make provision for a person other than the debtor to occupy the reverse mortgaged property, the contract document must contain provisions that have the following effect (whether or not the document also contains other provisions relating to such occupation by such a person):
 (a) the debtor may at any time (before, when or after the contract is made):
 (i) nominate to the credit provider a person who is to be allowed to occupy the property (whether alone or with other persons); and
 (ii) revoke such a nomination by notice given to the credit provider;
 (b) while a nomination described in paragraph (a) is in force, the nominated person has the same rights (against the credit provider) to occupy the property as the debtor has or would have apart from the death of the debtor or vacation of the property by the debtor.
Note: Other provisions contained in the contract document may, for example,