Commonwealth Numbered Acts

Housing Loans Insurance Amendment Act 1985 No. 34 of 1985 - SECT 5

5. Section 5 of the Principal Act is amended-
(a) by omitting from sub-section (2) "a lender" and substituting "a dealer, or
as a lender, or as both,";
(b) by omitting from sub-section (3) "as a lender"; and

   (c)  by omitting sub-section (4) and substituting the following
        sub-section:



"(4) Notwithstanding the revocation, in whole or in part, of the approval of a
person under sub-section (2), the person shall continue to be either or both
of the following, as the case requires, namely-

   (a)  an approved dealer for the purposes of this Act in relation to any
        approved security that is the subject of a contract of insurance
        entered into under paragraph 17 (2) (b) by the Corporation before the
        revocation; and

   (b)  an approved lender for the purposes of this Act in relation to any
        loan that is the subject of a contract of insurance entered into by
        the Corporation before the revocation.".