National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 5 - ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES  

Division 4 - Enforcement procedures for goods mortgaged  

103   Mortgagor may nominate purchaser of goods taken by credit provider  

103(1)    
The mortgagor may, within 21 days after the date of the notice given under section 102, nominate in writing a person who is prepared to purchase the goods from the credit provider at the estimated value or at any greater amount for which the credit provider has obtained a written offer to buy the goods.

103(2)    
The credit provider must offer to sell the goods to that person for the estimated value or, if there is a written offer to buy the goods for a greater amount, that amount.

Criminal penalty: 50 penalty units.

103(3)    
Subsection (2) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .