New Zealand Acts

CREDIT CONTRACTS AND CONSUMER FINANCE ACT 2003 - SECT 73

73 Independent legal advice must be given to occupier

1 Every transferee under a buy-back transaction must ensure that every occupier under the transaction has received independent legal advice concerning the transaction from a lawyer before entering into any contract or arrangement that forms part of the buy-back transaction.

2 The signature of each occupier on any contract or other document that forms part of the buy-back transaction must be witnessed by a lawyer.

3 The lawyer who witnesses the signature of an occupier must certify that, before that occupier signed the contract or document, the lawyer explained to the occupier the effect and implications of the contract or document.

4 The certificate must be in the form prescribed by regulations (if any).

5 For the purposes of this section,
"independent legal advice" means legal advice provided by a lawyer who has no relationship with, or interest in, the transferee or any buy-back promoter.