Document ID: chunk:federal_register_of_legislation:C2025C00096:section:29:p2
Version: federal_register_of_legislation:C2025C00096
Segment Type: section
Provision Reference: s 29 (pt 2/2)
Character Range: 117625–118823

a person fails to comply with a notice, the amount specified in the notice may be recovered from the person in a court of competent jurisdiction as a debt due to the Commonwealth.
 (5) Where:
 (a) a credit provider sells any property of a person by way of enforcing:
 (i) a specified portfolio asset; or
 (ii) a mortgage securing a subsidised advance; or
 (iii) in the case of a right of residence in a retirement village—any other security that the credit provider has in relation to that advance; and
 (b) the Secretary has given the person a notice under this section;
the credit provider shall pay to the Commonwealth an amount equal to:
 (c) the part of the proceeds of the sale that, but for this subsection, would have been payable by the credit provider to the person; or
 (d) such part of the amount specified in the notice as remains unpaid;
whichever is less.
 (6) A payment by a credit provider to the Commonwealth under subsection (5) is, to the extent of the payment, a discharge of the liability of the person referred to in that subsection to the Commonwealth and of any liability of the credit provider to the person under the specified portfolio asset, mortgage or other security.