Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:28j
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 28J
Character Range: 178176–178886

28J  Obligations of credit providers before entering credit contracts or increasing credit limits
  For section 128 of the Act, if:
 (a) the credit to be provided under the credit contract will be used for the purchase of a residential property; and
 (b) the credit will be secured by a mortgage over the property;
the period is 120 days.
Note: Section 128 of the Act provides that a licensee must not enter into a credit contract with a consumer, or increase the credit limit of a credit contract with a consumer, on a day unless the licensee has, within 90 days (or other period prescribed by the regulations) before the day, made an unsuitability assessment and made particular inquiries and verification.