Queensland Consolidated Acts

FARM BUSINESS DEBT MEDIATION ACT 2017 - SECT 55

55 Issuing certificate

(1) If the authority decides to approve a mortgagee’s application for an exemption certificate, the authority must issue the certificate, in the approved form, to the mortgagee.

(2) The exemption certificate must—

(a) state the name of the farmer and the mortgagee; and

(b) identify the farm property; and

(c) state—

(i) if the day on which the certificate ends can be worked out under section 56 (2) —the day on which the certificate ends; or

(ii) otherwise—that the certificate ends when the farm business debt has been discharged or is no longer secured by the farm mortgage.

(3) The authority must give a copy of the certificate to the farmer.

(4) The authority must comply with this section as soon as practicable after deciding to approve the mortgagee’s application.