Australian Capital Territory Repealed Acts

This legislation has been repealed.

LEGAL PRACTITIONERS ACT 1970 (REPEALED) - SECT 147G

    (1)     If a client entrusts money to a solicitor and the money, or part of the money, is proposed to be advanced to a borrower for a regulated mortgage, the solicitor must, within 7 days after the money is entrusted to the solicitor, give the client written notice that—

        (a)     tells the client about the effect of section 147F; and

        (b)     includes details of the solicitor's approved policy of fidelity insurance.

    (2)     The solicitor must not advance any of the money to a borrower for a regulated mortgage unless—

        (a)     the solicitor has given the client notice under subsection (1); and

        (b)     after having been given the notice, the client has given the solicitor written authority to advance money for the mortgage.

    (3)     A solicitor who contravenes this section commits professional misconduct.

    (4)     A contravention of this section does not limit the operation of section 147F.

    (5)     This section does not apply in relation to a regulated mortgage that forms part of a managed investment scheme operated by a responsible entity.