Queensland Numbered Acts Queensland Numbered Acts(1) Section 85, heading, after 'mortgagee'--
insert--
'or receiver'.
(2) Section 85(1), 'a mortgagee, in the exercise after the commencement of this Act'--
omit, insert--
'a mortgagee, including as attorney for the mortgagor, or a receiver acting under a power delegated to the receiver by a mortgagee, in the exercise'.
(3) Section 85--
insert--
'(1A) Also, if the mortgage is a prescribed mortgage, the duty imposed by subsection (1) includes that a mortgagee or receiver must, unless the mortgagee or receiver has a reasonable excuse--
(a) adequately advertise the sale; and
(b) obtain reliable evidence of the property's value; and
(c) maintain the property, including by undertaking any reasonable repairs; and
(d) sell the property by auction, unless it is appropriate to sell it in another way; and
(e) do anything else prescribed under a regulation.
Maximum penalty--
(a) if the contravention of duty relates only to paragraph (e)--20 penalty units; or
(b) otherwise--200 penalty units.'.
(4) Section 85(3), after 'mortgagee', first mention--
insert--
'or receiver'.
(5) Section 85(4), 'shall be guilty of'--
omit, insert--
'commits'.
(6) Section 85(5), after 'mortgagee'--
insert--
'or receiver'.
(7) Section 85(7)--
renumber as section 85(9).
(8) Section 85--
insert--
'(7) Nothing in sections 83(1)(a), 89(3) and 92(2) affects the duty imposed by this section.
'(8) Nothing in this section affects the operation of a law of the Commonwealth, including, for example, the Corporations Act, section 420A.
'(10) In this section--
prescribed mortgage means a mortgage of a kind prescribed under a regulation.'.