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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
Property Law (Mortgagor
Protection) Amendment Bill
2008
Queensland
Property Law (Mortgagor Protection)
Amendment Bill 2008
Contents
Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 85 (Duty of mortgagee as to sale price) . . . . . . 4
5 Amendment of s 89 (Provisions as to exercise of power of sale) . 6
6 Insertion of new pt 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Part 21 Transitional provision for Property Law
(Mortgagor Protection) Amendment Act 2008
352 Mortgagor protection . . . . . . . . . . . . . . . . . . . . . . . . . 6
2008
A Bill
for
An Act to amend the Property Law Act 1974 for a particular
purpose
Property Law (Mortgagor Protection) Amendment Bill 2008
[s 1]
The Parliament of Queensland enacts-- 1
Clause 1 Short title 2
This Act may be cited as the Property Law (Mortgagor 3
Protection) Amendment Act 2008. 4
Clause 2 Commencement 5
This Act commences on a day to be fixed by proclamation. 6
Clause 3 Act amended 7
This Act amends the Property Law Act 1974. 8
Clause 4 Amendment of s 85 (Duty of mortgagee as to sale price) 9
(1) Section 85, heading, after `mortgagee'-- 10
insert-- 11
`or receiver'. 12
(2) Section 85(1), `a mortgagee, in the exercise after the 13
commencement of this Act'-- 14
omit, insert-- 15
`a mortgagee, including as attorney for the mortgagor, or a 16
receiver acting under a power delegated to the receiver by a 17
mortgagee, in the exercise'. 18
(3) Section 85-- 19
insert-- 20
`(1A) Also, if the mortgage is a prescribed mortgage, the duty 21
imposed by subsection (1) includes that a mortgagee or 22
receiver must, unless the mortgagee or receiver has a 23
reasonable excuse-- 24
(a) adequately advertise the sale; and 25
(b) obtain reliable evidence of the property's value; and 26
Page 4
Property Law (Mortgagor Protection) Amendment Bill 2008
[s 4]
(c) maintain the property, including by undertaking any 1
reasonable repairs; and 2
(d) sell the property by auction, unless it is appropriate to 3
sell it in another way; and 4
(e) do anything else prescribed under a regulation. 5
Maximum penalty-- 6
(a) if the contravention of duty relates only to paragraph 7
(e)--20 penalty units; or 8
(b) otherwise--200 penalty units.'. 9
(4) Section 85(3), after `mortgagee', first mention-- 10
insert-- 11
`or receiver'. 12
(5) Section 85(4), `shall be guilty of'-- 13
omit, insert-- 14
`commits'. 15
(6) Section 85(5), after `mortgagee'-- 16
insert-- 17
`or receiver'. 18
(7) Section 85(7)-- 19
renumber as section 85(9). 20
(8) Section 85-- 21
insert-- 22
`(7) Nothing in sections 83(1)(a), 89(3) and 92(2) affects the duty 23
imposed by this section. 24
`(8) Nothing in this section affects the operation of a law of the 25
Commonwealth, including, for example, the Corporations 26
Act, section 420A. 27
`(10) In this section-- 28
prescribed mortgage means a mortgage of a kind prescribed 29
under a regulation.'. 30
Page 5
Property Law (Mortgagor Protection) Amendment Bill 2008
[s 5]
Clause 5 Amendment of s 89 (Provisions as to exercise of power of 1
sale) 2
Section 89(3), `Subject to section 85, the' and footnote-- 3
omit, insert-- 4
`The'. 5
Clause 6 Insertion of new pt 21 6
After part 20-- 7
insert-- 8
`Part 21 Transitional provision for 9
Property Law (Mortgagor 10
Protection) Amendment Act 11
2008 12
`352 Mortgagor protection 13
`(1) Section 85, as amended by the amending Act, applies to 14
mortgages whether made before or after the commencement 15
of this section. 16
`(2) However, section 85(1A) does not apply to a mortgagee or 17
receiver if, immediately before the commencement, the 18
mortgagee-- 19
(a) was entitled to immediately exercise the power of sale 20
conferred by this Act or otherwise; and 21
(b) was not prevented from doing so by section 84(1). 22
`(3) In this section-- 23
amending Act means the Property Law (Mortgagor 24
Protection) Amendment Act 2008.'. 25
© State of Queensland 2008
Page 6
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