Submissions on the Responsible Lending Code Discussion Document

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Submissions on the Responsible Lending Code Discussion Document"

Transcription

1 Submissions on the Responsible Lending Code Discussion Document Submitter: Jonathan Flaws, LLB (Hons) M.Jur A. Background I am a partner of Sanderson Weir, Auckland, a law firm that specialises in providing advice to mortgage lenders and finance companies. These submissions are made on behalf of my firm. I have also made submissions on behalf of a client, Resimac Home Loans Limited and rather than repeat comments made in that submissions I would ask that they also be deemed to have been made on behalf of my firm. I am also admitted in Victoria as an Australian legal practitioner. I have been a member of the Documents and Precedents committee of ADLS Inc. for over 30 years and have been involved in the drafting of the ADLS mortgages, security documents and loan agreements that are used by many lawyers and lenders. My firm acts for a number of non-bank mortgage lenders and a reverse mortgage lender. In 2004 I provided the initial draft for the NZLS Reverse Mortgage Guidelines a guide designed to assist lawyers to advise borrower clients obtaining a reverse mortgage. In many respects the concept behind the Reverse Mortgage Guide (RMG) for lawyers is not dissimilar to the concept behind the Responsible Lending Code (the Code). The RMG is not intended to be prescriptive but to give guidance to lawyers advising clients on a form of lending that, in 2004, was new not well known to lawyers. Until recently, I was the responsible manager for a company that held an Australian Credit Licence as a servicer for reverse mortgage lenders in Australia. I have therefore become very familiar with the approach to responsible lending adopted by the Australian regulators. As a result, I have a close understanding of the operation of the credit laws in both countries and have seen, first hand, the implementation of the responsible lending regime in Australia. Given the nature of my firm s practice and clients, my submissions relate primarily to consumer credit mortgages. Comparison of Australian and New Zealand mortgage industry The greatest difference between the mortgage industry in Australia and New Zealand is the role of independent legal advice. In New Zealand, virtually every borrower receives this and, given the requirement for electronic mortgages to be signed and certified by conveyancing professionals, this is not going to change. The same is not the case in Australia and their version of electronic registration which is in the process of being implemented permits lenders to register mortgages without the borrower being required to obtain legal advice. One area of concern for me is to ensure that the following are clearly provided for and understood: 1

2 1. the division of responsibility between lawyers and lenders: It is important ensure that the role and responsibilities of lenders and lawyers is maintained and clearly understood in particular, ensuring that lenders do not feel obliged, in order to comply with the guidance in the Code to cross the line and provide legal advice to their borrowers or advise lawyers how they should advise their clients. This concern reflects comments made by Blanchard J in the Supreme Court in the case of GE Custodians v Bartle NZSC [2010] 146 at para. 49; 2. The division of responsibility between Advisers and lenders: A significant proportion (around 25%) of mortgages in New Zealand are originated through third party Advisers. It is also important to ensure that when any such Adviser is placed between the lender and the borrower, the roles and responsibilities of the lender and the Adviser submitting the application on behalf of the borrower are clearly understood. It would be counterproductive and contrary to the interests of consumers if a lender considered that the Code meant the lender had to rework and re-verify each piece of information provided by the Adviser on behalf of the borrower for the purposes of these submissions, reference to an Adviser is a reference to a registered financial adviser authorised to provide personal advice in relation to category 2 products under the Financial Advisers Act 2008; 3. To ensure that the steps a lender is required to take to assist the borrower to make an informed decision are appropriate to the particular borrower (or class of borrower) and the particular credit product being provided. Legal advice I have included in the Resimac submissions comments on the impact of legal advice in the mortgage industry in New Zealand. There is additional information that it appropriate for me, rather than a client to add to these comments. My firm accepts limited briefs from borrowers refinancing a mortgage to act solely in the administrative role of attending to the settlement, discharge of the old and registration of the new mortgage. I am satisfied that in these circumstances where we are dealing with borrowers who have been through the mortgage process before, who are refinancing existing debt for reasons other than debt consolidation and who have sought refinancing independently of us, it is not appropriate for us to review in detail the commercial wisdom of that transaction. This service is currently provide by a major bank and is also a service adopted by a number of financial advisers. In both cases, we have set out parameters that are understood by the bank staff and by the financial advisers as to when this limited brief service is not appropriate. In the case of financial advisers, we go through a process to accredit these advisers so that we can be sure they understand the parameters. The Code should therefore anticipate that reliance on the delegation to lawyers may well be scalable depending on the requirements and objectives of the borrower. Lender will always retain responsibilities for ensuring the loan can be repaid without substantial hardship, notwithstanding legal advice. If the loan is merely refinancing, the lender, should still enquire and be satisfied that the borrower will benefit from the transaction. As to any other objectives, if the borrower obtains legal 2

3 advice, the lender should be able to rely upon that fact as evidence of the loan meeting the borrower s requirements and objectives. Summary Providing for lenders, when lending on residential mortgages, to rely upon lawyers and Trusted Advisers in the circumstances described above and in the submissions made on behalf of Resimac will not complicate the lending process. This activity is already happening and the above provisions, if incorporated into the Code, will reflect an existing position. Nor will it make the credit process unduly burdensome from a cost or compliance perspective. In contrast, if this provision is not made, many lenders may consider that in order to be compliant, they will need to make their own inquiries and undertake their own verification and provide additional assistance to borrowers. The duplication of these activities will become unduly burdensome and costly and will impact the availability of mortgages. B. response to questions raised in the Discussion Document 1. Do you agree with the proposed criteria for assessing what guidance should be set out in the Code as set out in paragraph 18? Should retaining sufficient flexibility to allow lenders to adapt the guidance to different products and business models be another criterion? Are there any other key criteria to be considered? I agree with the proposed criteria and also with the concept that sufficient flexibility must be retained to allow lenders to adapt the guidance to different products and business models. In the credit industry one size most definitely does not fit all as some consumers will require more assistance and some will require less. (c) The classic example here is reverse mortgage borrowers. By their very nature they are a vulnerable class and a lender must take greater care and responsibility when dealing with this class. Interestingly, I believe this is a class where the industry itself has already gone to great lengths to imbed this principle in its operations. On behalf of lenders, SHERPA has been established as a reverse mortgage industry body and has set out its own guidelines and requirements to which members of SHERPA must adhere. Rather than replicate these principles and guidelines, the Code could provide the flexibility for a lender to be compliant with the Code if it is a member of an approved industry body and also adheres to the Guideline s and principles of that body. Similarly, a lender who makes it mandatory for their borrowers to obtain legal advice from a lawyer who has been provided with the NZ Law Society Guidelines should also be taken to have complied with parts of the Responsible Lending Code. In line with my opening comments, I believe it is essential to include as a key criteria promoting understanding of and adherence to the responsible lending obligations of all intermediaries in consumer credit contracts whether acting on behalf of the consumer or the lender. Questions 2-14 Please see my submissions on behalf of Resimac 3

4 Assisting the borrower to make an informed decision 15. Apart from complying with disclosure obligations, how do/should responsible lenders assist borrowers to understand the terms of the credit agreement? How should any guidance cover different modes of providing credit? (e.g. online applications) Should certain information be required to be given orally for face-to-face or telephone interactions with customers? In addition to the submissions made on behalf of Resimac I would comment as follows: The fundamental proposition is that disclosure is not the same as understanding. Indeed, in the case of a mortgage, disclosure of all of the terms may not, in fact, assist borrowers to understand the terms of the credit agreement they are entering into. The general terms plus the security terms in the mortgage memorandum are by their nature long and exhaustive. It is unlikely that any borrower ever reads or can be expected to fully understand all of the terms disclosed. If a mortgagee chooses to adopt the terms implied in a mortgage as set out in the Property Law Act 2007 (which is not a bad practice as these terms are now extensive, cover all key protections for a mortgage and are in clear language) then disclosure is not required as they are terms implied by law. The Act does not require disclosure of terms implied by law. Generic financial literacy My personal view in this area is that in the mortgage industry, more credence should be given to the position of confirmed comprehension. By confirmed comprehension I mean that if a borrower has undertaken some form of training and is able to confirm that he/she has completed the training and understood the basic generic principles of financial management and financial responsibility then the lender should be able to rely upon that confirmed comprehension as countering the need to provide any additional assistance to make an informed decisions. For example, some banks offer seminars to their customers on budgeting and financial literacy generally. If these include information on mortgages, how to determine what is an appropriate and safe amount to borrow without incurring substantial hardship, then a borrower who has participated in these seminars is better equipped to make an informed decision. If at the end of the session the borrow completes some form of question and answer test and this indicates the borrower understood the information presented, then the lender is in an even stronger position to determine that the borrower knows what he/she is doing and is equipped to make an informed decision. My preference would be for such generic financial information to be provided by an external provider rather than by the proposed lender. There are now online learning sites that specialise in providing financial tutorials and certifying completion and understanding once the tutorial is completed. It may be that the Commission for Financial Literacy and Retirement Income can include such tutorials on its website. I am not submitting that this should be mandatory in all cases or even for borrowers obtaining a mortgage for the first time. I believe it would be appropriate, however, for the Code to recognise the concept of a Responsible Borrower and allow lenders dealing with such a borrower to accept that additional assistance to make an informed decision is not required if they are dealing with such a person. Subject of course to the caveat that if there are reasonable grounds to believe that the person is not a responsible borrower e.g. it is clear that the confirmed comprehension results are those of another person then the lender cannot accept the person as a responsible borrower. 4

5 It may be, that in some instances where a lender determines that the borrower could only repay with hardship e,g. high borrowing and high LVR that lender be encouraged to recommend that their client s become responsible borrowers before they accept the loan. This may well help the lender to make a determination in extreme cases where a borrower puts pressure on the lender to allow the advance to proceed when the lender has a borderline call to make on whether the hardship likely to be incurred is sustainable or substantial. In this way the tension between ensuring lenders are responsible and not making credit unduly difficult to obtain may be met. (c) Non mortgage credit lending The previous comments are related solely to mortgage lending. Assistance in relation to other types of lending will vary. This responsibility is clearly scalable. In many cases where the loan is smaller it may be that a standard approved borrowing guide is given. This is the same concept as required in the real estate industry where an agent is required to ensure that both the purchaser and lender are provided with an approved guide. The approval being provided by the Real Estate Agents Authority. It could be appropriate for the Ministry of Consumer Affairs to publish or approve a borrowing guide. This could be a one page information sheet that is given to all borrowers under certain types of credit contracts. (d) The question asks how guidance can be given in relation to online applications. Again, targeted solely to mortgages, the Code could require the borrower to download standard financial literacy information before submitting the application. Alternatively, my comments in paragraph regarding online confirmed comprehension may apply. It may be that in order to submit an online application, the borrower could be asked to complete a brief test to confirm comprehension of basic financial literacy and budgeting principles. The results of the test should not prevent the borrower from proceeding further but if the results do not indicate the borrower is beyond the threshold of a responsible borrower then the lender will be aware of that. The lender could be encouraged to either recommend the borrower undertake such online tutorials or in extreme cases, make the loan approval conditional upon that occurring. I understand that in the United States, in response to the lending issue highlighted with sub-prime mortgages as a result of the financial crisis, regulations were passed requiring borrowers of certain types of mortgages to obtain financial counselling before the loan could be drawn down. In my view, that is an over-reaction. There are better and more appropriate ways in which to achieve the same end the creation of a responsible borrower. (e) There is a danger in requiring information to be provided orally. This is because the message can change and be slanted. There is also no record of the information being provided. To the extent that any information is required to be given it must be in a form that is consistent. An online video or animated information or a written statement is evidence of a consistent delivery of information. Whether information is disclosed/given in writing, face to face or by a telephone, the fundamental issue remains - disclosure is not comprehension. Putting information in front of a person achieves compliance for the lender but does not guarantee understanding by the borrower. Even face to face may not achieve this. When presented with a large amount of information, most 5

6 people go quickly into information overload and the ability to absorb, let alone understand, what is being said is prejudiced. Questions Please see the Resimac submissions 20. Can you point to good examples of credit agreements that are in plain English, clear, concise and intelligible? There has been much written on the subject. One book is Simple by Alan Seigel and Irene Etzkorn. The author Alan Seigel re wrote a credit contract for Citibank and has since established a consultancy that assists financial institutions to simplify their communications and contracts. Questions Please see the Resimac submissions Making Reasonable Inquiries 28. What information do/should responsible lenders require from a borrower when they apply for credit? How much reliance should a lender place on a credit check? The nature and extent of information required from a borrower when they apply for credit will be scalable depending on the amount and the type of credit requested. Reverse mortgages (c) (d) (e) (f) Information required from a reverse mortgage borrower where the lender is providing a no negative equity guarantee or a lifetime occupancy guarantee, will be different, and less than that required for a prime mortgage under which the borrower covenants to repay the loan over a period of years. A no negative equity guarantee refers to the guarantee given to the borrower by the lender hat the borrower or the borrower s estate will not be required to repay more than the amount available from the proceeds of eth sale of the property on fair market terms. Under a reverse mortgage, there is no personal covenant to repay. The amount of the loan is calculated based on the LVR and the age of the youngest borrower to ensure that, according to standard mortality tables, on the borrower s death the principal sum plus capitalised interest and fees will not exceed the value of the property. The borrower under a reverse mortgage, however, still retains an obligation to pay rates, insurance premiums and maintain the property to a reasonable standard. To this extent it is appropriate for a reverse mortgage lender to make inquiries and obtain information relating to the financial position of the borrower. Failure to meet these outgoings may result in default under the loan. Although reverse mortgages tend to provide much softer provisions in the event of default than a prime mortgage, if a default continues and the no negative equity guarantee is likely to be called upon as a result of non-payment of these outgoings, the lender may still retain a right to call default and take action to obtain repayment of the loan from the sale of the home. A lender prosing to lend under a reverse mortgage should therefore obtain sufficient information to confirm that the borrower will be able to pay the basic outgoings in respect of the property. The Australian responsible lending regime deferred providing guidance in respect of reverse mortgages until early The provisions contained in the NCC regarding reverse mortgages are overly prescriptive. Given the small number of reverse mortgage lenders in New Zealand and the relative small size of that market, I would submit that the Code should simply provide that if a reverse mortgage lender is a member of SHERPA and adheres to the code of practice published by SHERPA then compliance with that Code will be deemed to be compliance with the Code. 6

7 Questions Please see the Resimac submissions 40. Do/should responsible lenders engage in lending that relies primarily or solely on the value of any security provided by the borrower? asset lending for the sake of it is not an acceptable practice and as far as I am aware is not engaged in with respect to consumer loans other than reverse mortgages. even in the case of reverse mortgages, while the value of the property is a prime determinant of the maximum loan amount, the loan is not approved solely on the basis of the value of the property. The other factors referred to in the SHERPA Guidelines and in the NZ Law Society Reverse Mortgage Guidelines must also be taken into account. Questions Fees Please see the Resimac submissions 48. What practices should lenders follow in order to set a fee that is not unreasonable? Lenders should determine for themselves whether their fees meet the tests for unreasonableness. The Code may well explain some of the elements but the provisions of the Act should be paramount. As a matter of course, in my experience, mortgage lenders go to great lengths to review their fees and ascertain that they meet the required statutory tests. In the case of Resimac, its audit, risk and credit committee has procedures in place to review fees and ensure they meet the required tests. 49. What costs should the lender be able to recover through establishment fees (e.g overheads, administration costs)? Section 42 is specific as to what can be included within the scope of establishment fees. The High Court has provided its interpretation and that interpretation is currently under appeal. The Act has not amended section 42. Given these circumstances and given that the Code is not binding, it should not in my view endeavour to extend or restrict the application of section 42 by additional commentary in the Code. If the current interpretation by the Court stands then that is sufficient clarity. If it is overturned then that decision too should give sufficient clarity. What is clear is that establishment fees are tagged to the contract in respect of which they are charged and are tagged to items that relate to that contract and its establishment. 50. What costs should the lender be able to recover through credit fees generally? The concept that underpins restricting costs to reasonable costs incurred or losses sustained by the lender is that lenders should recover profit and general overhead and administrative costs from interest. This has led to the narrowing of fees to specific costs that can be identified and allocated to a specific contract. (c) Many lenders have traditionally obtained lender s mortgage insurance (LMI) to cover the credit risk that is associated with certain classes of lending for example high LVR lending. That insurance has always been for the benefit of the lender and not the borrower, has always been a one-off cost incurred at the start of the loan, and has often been paid for by the borrower as a third party establishment fee. With the withdrawal of lenders mortgage insurers from the New Zealand market, this credit protection option is not available. The presence of this protection does benefit consumers for it may man that a loan that would otherwise not have been approved can be approved as a result of the credit enhancement. The presence of LMI does not remove the need for a lender to comply with all other requirements of 7

8 the Lender Responsibilities. It is a factor in the lenders credit criteria that permits a loan that would otherwise not have proceeded to proceed. (d) (e) (f) (g) In the absence of LMI insurers, some banks and lenders have charged a risk fee or a high LVR fee and have accepted the additional risk themselves. Some have added a risk margin to the interest rate. A fee of this type, however, cannot be said to be a cost or a loss directly incurred in relation to a specific loan. It is, however, a potential cost or loss to the business in respect of a particular class of loans into which a specific loan may fall. It has become an industry practice for some banks and lenders to charge such a fee. In my view, it is arguable that if a loan falls into a category of greater risk a lender should be entitled to agree to accept that risk in payment for a one-off fee rather than attempt to be recompensed for it by an increased interest rate. This is particularly so where that risk, if it were accepted by a third party, such as an LMI insurer, and the fee paid to that insurer can lawfully, be passed on as a reasonable credit fee. It is illogical that a fee is reasonable if paid to a third party but not reasonable if paid to the lender where that fee covers the same matter. Therefore, in a limited range of circumstances a lender should be able to recover what would otherwise be a class fee payable for accepting a greater risk associated with that class where it can be demonstrated: (i) (ii) (ii) that risk is real and can be quantified (in this case by a higher historical default rate by loans within that class); that risk could be passed off to a third party and the fee for the acceptance of that risk could be charged as a reasonable fee to the borrower; it is within reasonable standards of commercial practice for lender to act in this manner. A fee of this type falls within the provisions of the new section 44. If it is acceptable under section 42 that an establishment fee can include the creditor s internal costs in relation to the processing of a credit application, then it must also be acceptable under section 44 that any cost incurred by the creditor includes internal costs in relation to administering risks that occur after establishment of the loan within a specified class of debtor. Reasonable standards of commercial practice can be applied in this case to determine whether the fee charged is reasonable. (h) For the above reasons I submit that the Code should clarify that a fee may be charged under section 44 if it meets the test that I have set out in paragraph (f) above. 51. What costs or losses should the lender be able to recover through default fees? The fundamental principle must be that borrowers who meet their commitments and perform in accordance with their credit contracts should not be penalised by paying an increased interest rate to cover the lender s costs of administering loan defaults. Applying this principle lenders should be able to recover all costs that are reasonably incurred in connection with a default. This includes internal administration costs as well as third party costs. 52. Are there any particular reasonable standards of commercial practice that should be taken into account when deciding whether a fee reasonably compensates the lender for a reasonable estimate of costs or losses incurred by the lender as a result of the borrower s acts or omissions? Registered banks are required to act in accordance with the Banking Code of Conduct. This code would be a good starting point for determining a reasonable standard of commercial practice. 53. How and when should fees be reviewed to ensure they remain reasonable? This will very much depend upon the fee and the nature of the creditor s business. For example, fees that are tagged to the business s administration costs are likely to be able to be 8

9 reviewed on an annual basis. Other fees that reflect costs incurred by the lender from external parties may well change at a different pace. 54. What is a reasonable amount of commission for a lender in relation to credit-related insurance? This is not a matter on which I can offer any comment. 55. Should the Code incorporate parts of the Commerce Commission draft guidelines on fees? What changes would be needed to those guidelines to reflect subsequent case law, views on unreasonable fees and changes to the CCCFA? No. The reason for this is that the Act provides the basis on which fees are reasonable or unreasonable and as has been demonstrated in the cases to date, the Courts have and will continue to determine any uncertainty in the interpretation of the Act. Were the Commerce Commission draft Guidelines to be incorporated into the Code then that would be the equivalent of the administrative arm defining and making the law rather than administering it. This is not to be taken as a suggestion that the Commissions views are necessarily wrong or unhelpful, simply that they remain their views and it is open for lenders to accept them or otherwise. A lender may act strictly in accordance with the Commissions Guidelines but nevertheless impose an unreasonable fee. A consumer should be free to challenge the fee regardless of the Commission s view. 56. What other matters should the Code address in relation to fees? See question 50. In limited circumstances the Code should clarify that a fee reimbursing specific costs associated with a class of lending as opposed to an individual contract. Default, enforcement and the end of a consumer credit agreement In my experience, mortgage lenders are fully compliant with the specific lender responsibilities in this area. The reason for this is that the amount in question is generally higher than other consumer lending and the consequences for both parties of not applying the principles can be severe. For example, most mortgagee sales of real estate occur where the LVR is high. This means that the risk to the lender of not recovering all of the loan from the proceeds of sale is high. It is commercially more effective to work with the borrower to restructure the loan so the borrower can meet the commitments than to race in and sell the property. In order to achieve a sustainable workout the lender must adhere to the lender responsibilities. For this reason I have no comments in relation to this section of the discussion paper other than to encourage the Code to focus on the overriding lender responsibilities without being overly prescriptive in explaining how they might be applied. 9

Submissions on the Responsible Lending Code Discussion Document

Submissions on the Responsible Lending Code Discussion Document Submissions on the Responsible Lending Code Discussion Document Submitter: on behalf of: Jonathan Flaws, LLB (Hons) M.Jur Resimac Home Loans Limited A. Background These submissions are made on behalf of

More information

on the Credit Contracts and Consumer Finance Amendment Bill Exposure Draft

on the Credit Contracts and Consumer Finance Amendment Bill Exposure Draft Submissions on the Credit Contracts and Consumer Finance Amendment Bill Exposure Draft Submitter: Jonathan Flaws, LLB (Hons) M.Jur Background I am a partner of Sanderson Weir, Auckland, a law firm that

More information

HEARTLAND BANK HEARTLAND HOME EQUITY LOAN LOAN DETAILS

HEARTLAND BANK HEARTLAND HOME EQUITY LOAN LOAN DETAILS HEARTLAND BANK HEARTLAND HOME EQUITY LOAN LOAN DETAILS Sentinel Custodians Limited (Sentinel) of Level 1, 87 Hurstmere Road, Takapuna, Auckland 0622 offers you a Heartland Home Equity Loan on the terms

More information

Credit licensing: Responsible lending conduct

Credit licensing: Responsible lending conduct REGULATORY GUIDE 209 Credit licensing: Responsible lending conduct November 2014 About this guide This is a guide for credit licensees, credit applicants and unlicensed carried over instrument lenders

More information

Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011. Commentary on amendments: Reverse mortgages

Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011. Commentary on amendments: Reverse mortgages Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011 Table A: Main amendments Commentary on amendments: Reverse mortgages Topic Provision Commentary Definition of reverse

More information

CONCERNING CONCERNING. BETWEEN Applicant. The names and indentifying details of the parties in this decision have been changed.

CONCERNING CONCERNING. BETWEEN Applicant. The names and indentifying details of the parties in this decision have been changed. LCRO 241/2011 CONCERNING an application for review pursuant to section 193 of the Lawyers and Conveyancers Act 2006 AND CONCERNING a determination of Auckland Standards Committee 2 BETWEEN SI Applicant

More information

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . Board Charter - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1. Interpretation 1.1 In this Charter: Act means the Companies

More information

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage Page 1 of 7 Proposed Information Statement Reverse Mortgage Things you should know about your reverse mortgage This statement is provided to you because reverse mortgages operate differently to other credit

More information

Residential Loan Agreement. General Terms and Conditions

Residential Loan Agreement. General Terms and Conditions Residential Loan Agreement General Terms and Conditions Effective Date: 1 July 2014 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

GUIDELINES FOR EQUITY RELEASE SCHEMES

GUIDELINES FOR EQUITY RELEASE SCHEMES GUIDELINES FOR EQUITY RELEASE SCHEMES The Conveyancing Committee of the Law Society of Ireland has developed these guidelines in order to assist practitioners when asked to advise on Equity Release Schemes.

More information

A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT

A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT Anthony J Cordato* Overview The new National Credit Act - officially, the National Consumer Credit Protection Act - will commence on I July 2010

More information

Set-off and Extinguishment of Debt

Set-off and Extinguishment of Debt Accounting Standard AASB 1014 December 1996 Set-off and Extinguishment of Debt Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are

More information

Business and Agri Loan Terms and Conditions

Business and Agri Loan Terms and Conditions October 2012 Thank you for choosing an ANZ loan. When you take out a loan, various terms and conditions apply to it. These are covered in this Terms and Conditions document and in your loan agreement.

More information

Vendor Finance. Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967

Vendor Finance. Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967 Vendor Finance Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967 Hobart: Level 1, 18 Elizabeth St, Hobart 7000 DX 231, Hobart GPO Box 16, Hobart 7001

More information

NAB Equity Lending. Facility Terms

NAB Equity Lending. Facility Terms NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully

More information

CONTRACT OF SALE OF REAL ESTATE Part 1 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulations 2008

CONTRACT OF SALE OF REAL ESTATE Part 1 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulations 2008 CONTRACT OF SALE OF REAL ESTATE Part 1 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulations 2008 Property Address: The vendor agrees to sell and the purchaser agrees

More information

Regulatory impact assessment on capital requirements for reverse mortgage loans

Regulatory impact assessment on capital requirements for reverse mortgage loans Regulatory impact assessment on capital requirements for reverse mortgage loans 28 October 2015 2 Agency disclosure statement 1. This Regulatory Impact Statement (RIS) has been prepared by the Reserve

More information

Low Doc Home Loan Product Specification

Low Doc Home Loan Product Specification Low Doc Home Loan Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank. It is for the use

More information

Fees we charge for consumer mortgage lending products

Fees we charge for consumer mortgage lending products s we charge for consumer mortgage lending products Effective July 2015 Section 1: Understanding fees and charges When we may charge fees The Commonwealth Bank charges fees for administering your account

More information

Fees we charge for consumer mortgage lending products

Fees we charge for consumer mortgage lending products s we charge for consumer mortgage lending products Effective February 2016 Section 1: Understanding fees and charges When we may charge fees The Commonwealth Bank charges fees for administering your account

More information

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT Important information about Your home loan Contents PAGE 2 Introduction Agreeing a facility 3 Changes to facilities Insurance 4 Pre-conditions This document

More information

Equity Finance Mortgage (EFM)

Equity Finance Mortgage (EFM) Introducing the award-winning Equity Finance Mortgage (EFM) Best New Product of the Year 2007 Best New Product of the Year 2008 What is an EFM? An Equity Finance Mortgage (EFM) is an award-winning home

More information

Our standard terms and conditions for Your Advanced Personal Loan.

Our standard terms and conditions for Your Advanced Personal Loan. Our standard terms and conditions for Your Advanced Personal Loan. For loans approved on or after 6 June 2015 6 June 2015 Important Information The information set out below forms part of your disclosure

More information

* Licensed in this guidance note refers to holding an Australian Credit Licence (ACL) or being a credit representative of an ACL.

* Licensed in this guidance note refers to holding an Australian Credit Licence (ACL) or being a credit representative of an ACL. FINANCIAL ADVISORY SERVICES Consumer credit reform Guidance for CPA Australia Public Practitioners February 2011 Introduction On 1 July 2010 ASIC took over the regulation of consumer credit and finance

More information

Position Statement Issue 5

Position Statement Issue 5 Position Statement Issue 5 5 December 2011 Responsible Lending This Position Statement is intended to provide guidance as to how we will deal with a complaint that a consumer was provided with an unsuitable

More information

Assent, partly 1 March 2013 No negative equity guarantee for reverse mortgages and extra The day after Royal Assent

Assent, partly 1 March 2013 No negative equity guarantee for reverse mortgages and extra The day after Royal Assent NCCP ENHANCEMENT ACT AMENDMENTS Updated 24 August 2012 This report reflects the final form of the Consumer Credit Legislation Amendment (Enhancements) Bill 2012 as passed by the House of Representatives

More information

MOTOR TRADE ASSOCIATION. Submission to. Ministry Of Business, Innovation & Employment. Credit-Related Disclosure and Rebate Regulations

MOTOR TRADE ASSOCIATION. Submission to. Ministry Of Business, Innovation & Employment. Credit-Related Disclosure and Rebate Regulations MOTOR TRADE ASSOCIATION Submission to Ministry Of Business, Innovation & Employment On Credit-Related Disclosure and Rebate Regulations Motor Trade Association Inc P O Box 9244 Marion Square WELLINGTON

More information

the debtor had been pressured into taking out PPI; it had not been made clear that PPI was optional;

the debtor had been pressured into taking out PPI; it had not been made clear that PPI was optional; Guidance Note on Payment Protection Insurance Mis-Selling Claims in Trust Deeds & Sequestrations 1. Background 1.1 Payment protection insurance ( PPI ) is intended to cover a borrower s unexpected loss

More information

Review of the effectiveness of an online database for small amount lenders

Review of the effectiveness of an online database for small amount lenders CONSULTATION PAPER 198 Review of the effectiveness of an online database for small amount lenders January 2013 About this paper This consultation paper explains the background and scope of ASIC s review

More information

RESIDENTIAL LOAN AGREEMENT. General terms & conditions

RESIDENTIAL LOAN AGREEMENT. General terms & conditions RESIDENTIAL LOAN AGREEMENT General terms & conditions Effective Date: 23 May 2016 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

Mortgage schemes improving disclosure for retail investors

Mortgage schemes improving disclosure for retail investors REGULATORY GUIDE 45 Mortgage schemes improving disclosure for retail investors September 2008 About this guide This is a guide for responsible entities, compliance committees, compliance plan auditors,

More information

Loan Contract Terms and Conditions booklet with:

Loan Contract Terms and Conditions booklet with: Loan Contract Terms and Conditions booklet with: Mortgage conditions; and Direct Debit Request Service Agreement This booklet contains some of the terms and conditions that apply to a loan we offer Borrower(s)

More information

MOTOR TRADE ASSOCIATION. Submission to. Ministry Of Business, Innovation & Employment. Draft Responsible Lending Code

MOTOR TRADE ASSOCIATION. Submission to. Ministry Of Business, Innovation & Employment. Draft Responsible Lending Code MOTOR TRADE ASSOCIATION Submission to Ministry Of Business, Innovation & Employment On Draft Responsible Lending Code Motor Trade Association Inc P O Box 9244 Marion Square WELLINGTON Phone 04) 385 8859

More information

NEW PROTECTION FOR THAI GUARANTORS AND MORTGAGORS 11 FEBRUARY 2015

NEW PROTECTION FOR THAI GUARANTORS AND MORTGAGORS 11 FEBRUARY 2015 BRIEFING NEW PROTECTION FOR THAI GUARANTORS AND MORTGAGORS 11 FEBRUARY 2015 AMENDMENTS TO THE THAI CIVIL AND COMMERCIAL CODE COME INTO EFFECT TODAY. THESE CHANGES AFFECT THE WAYS GUARANTEES AND MORTGAGES

More information

BANKING UNIT BANKING NOTICES NOTICE ON THE MANAGEMENT OF CREDIT RISK BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994

BANKING UNIT BANKING NOTICES NOTICE ON THE MANAGEMENT OF CREDIT RISK BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 BANKING UNIT BANKING NOTICES NOTICE ON THE MANAGEMENT OF CREDIT RISK BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 Ref: BN/01/2002 NOTICE ON THE MANAGEMENT OF CREDIT RISK BY CREDIT INSTITUTIONS

More information

3.4 Standard terms and conditions of business for conveyancing

3.4 Standard terms and conditions of business for conveyancing 3.4 Standard terms and conditions of business for conveyancing clients PLEASE SIGN AND RETURN Deibel & Allen Terms and Conditions of business - property transactions We set out in this statement the basis

More information

PIA. Guide to a Personal Insolvency Arrangement

PIA. Guide to a Personal Insolvency Arrangement nseirbhís Dócmhainneachta na héirea PIA Guide to a Personal Insolvency Arrangement n Insolvency Service of Ireland A Personal Insolvency Arrangement enables an eligible insolvent debtor to reach agreement

More information

The Straightforward. Consumer IVA Protocol. 2014 version

The Straightforward. Consumer IVA Protocol. 2014 version The Straightforward Consumer IVA Protocol 2014 version Effective from January 2014 1 IVA PROTOCOL Straightforward consumer individual voluntary arrangement hereinafter referred to as a Protocol Compliant

More information

Infratil Limited - Board Charter. 1. Interpretation. 1.1 In this Charter:

Infratil Limited - Board Charter. 1. Interpretation. 1.1 In this Charter: Infratil Limited - Board Charter 1. Interpretation 1.1 In this Charter: Act means the Companies Act 1993. Board means the Board of Directors of Infratil Limited. Business means the business of Infratil

More information

Senate Economics Committee Inquiry Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011

Senate Economics Committee Inquiry Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 Dr Richard Grant Acting Secretary Senate Standing Committees on Economics PO Box 6100 Parliament House CANBERRA ACT 2600 By email: economics.sen@aph.gov.au 18 October 2011 Senate Economics Committee Inquiry

More information

Personal Loan Contract

Personal Loan Contract GE Money Personal Loan Contract Terms & Conditions GE imagination at work Contents What we lend and when 1 The annual interest rate 2 Interest charges 2 Repayments 3 Early repayment 3 Fees and charges

More information

Sydney Wyde Mortgage Fund ARSN 108 342 123

Sydney Wyde Mortgage Fund ARSN 108 342 123 Sydney Wyde Mortgage Fund ARSN 108 342 123 Benchmarks and Disclosure Principles Report for ASIC Regulatory Guide 45 as at 30 June 2015 The following report describes each of the benchmarks and disclosure

More information

IC 24-4.5-7 Chapter 7. Small Loans

IC 24-4.5-7 Chapter 7. Small Loans IC 24-4.5-7 Chapter 7. Small Loans IC 24-4.5-7-101 Citation Sec. 101. This chapter shall be known and may be cited as Uniform Consumer Credit Code Small Loans. As added by P.L.38-2002, SEC.1. IC 24-4.5-7-102

More information

GUIDANCE CONSUMER CREDIT REGULATION DATE OF ISSUE APRIL 2014

GUIDANCE CONSUMER CREDIT REGULATION DATE OF ISSUE APRIL 2014 GUIDANCE CONSUMER CREDIT REGULATION DATE OF ISSUE APRIL 2014 CONSUMER CREDIT TRANSITIONAL ARRANGEMENTS Guidance to Regulation 4.3 The following guidance is provided to help firms comply with regulation

More information

Customer Charter. Version 1

Customer Charter. Version 1 Customer Charter Version 1 Welcome to Bluestone The Bluestone Group has been operating since 2000. In that time, Bluestone has developed a reputation in the industry as a high quality and innovative specialist

More information

Equity Unlock Loan for Seniors Fact Sheet

Equity Unlock Loan for Seniors Fact Sheet Equity Unlock Loan for Seniors Fact Sheet Description Equity Unlock Loan for Seniors is a flexible financing solution for people aged 65 and over. If your clients own their own home, they may be able to

More information

Florida Senate - 2010 SB 1532

Florida Senate - 2010 SB 1532 By Senator Fasano 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 A bill to be entitled An act relating to reverse mortgage loans to senior individuals; providing purposes;

More information

CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS. Public Consultation July 2014

CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS. Public Consultation July 2014 CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS Public Consultation July 2014 Public Consultation Paper: Consumer Protection on the Sale of Loan Books Department of Finance July 2014 Department of Finance

More information

Investing in unlisted property schemes?

Investing in unlisted property schemes? Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from

More information

Client Care and Terms and Conditions

Client Care and Terms and Conditions Client Care and Terms and Conditions Introduction We set out below our standard terms and conditions which apply if we act for you. We also provide you with information relating to the Rules of Conduct

More information

Home Loan Facility Agreement Terms and Conditions

Home Loan Facility Agreement Terms and Conditions Home Loan Facility Agreement Terms and Conditions Terms and Conditions Effective 13th July, 2013 ABN 55 094 317 665, ACL 286655, AFSL 286655. All rights reserved. 1 2 ABN 55 094 317 665, ACL 286655, AFSL

More information

Contract of Sale of Real Estate

Contract of Sale of Real Estate WARNING TO ESTATE AGENTS DO NOT USE THIS CONTRACT FOR SALES OF OFF THE PLAN PROPERTIES UNLESS IT HAS BEEN PREPARED BY A LEGAL PRACTITIONER Copyright September 2014 Contract of Sale of Real Estate Part

More information

SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE. Free Legal Advice Centres, August 2006

SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE. Free Legal Advice Centres, August 2006 SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE Free Legal Advice Centres, August 2006 1. CONSUMER PROTECTION 1.1 Information Our simple view would be that a

More information

Credit Guide. Australian Credit License 391230

Credit Guide. Australian Credit License 391230 Credit Guide Introduction 2 Overview 2 Preliminary Assessment 2 Obtaining a Copy of your Preliminary Assessment 2 General Disclosure 2 Commissions 2 Our Fees 2 Protecting your Privacy Our Privacy Policy

More information

Mortgage Agreement Disclosure Date: 4 June 2015 Loan Contract Number: The Parties. Your Loan. The Lender. The Borrower(s)

Mortgage Agreement Disclosure Date: 4 June 2015 Loan Contract Number: The Parties. Your Loan. The Lender. The Borrower(s) Mortgage Agreement Disclosure Date: 4 June 2015 Loan Contract Number: A The Parties The Lender (also referred to as we or us ) The Borrower(s) (referred to as you ) The Guarantor(s) (also referred to as

More information

Consumer Credit sourcebook. Chapter 8. Debt advice

Consumer Credit sourcebook. Chapter 8. Debt advice Consumer Credit sourcebook Chapter Debt advice CONC : Debt advice Section.7 : Charging for debt counselling,.7 Charging for debt counselling, debt advice and related services.7.1 (1) The distance marketing

More information

Home Loan Agreement General Terms

Home Loan Agreement General Terms Your Home Loan Agreement with us, China Construction Bank (New Zealand) Limited is made up of two documents: A. This document called ; and B. The document called Home Loan Agreement Specific Terms. Your

More information

Residential mortgages general information

Residential mortgages general information Residential mortgages general information Residential mortgages general information 2 Contents Who we are and what we do 2 Forms of security 2 Representative Example 2 Indication of possible further costs

More information

Submission on the CCCFA disclosure regulations. Thank you for the opportunity to comment on the CCCFA disclosure regulations discussion document.

Submission on the CCCFA disclosure regulations. Thank you for the opportunity to comment on the CCCFA disclosure regulations discussion document. 1 December 2014 CCCFA Regulations Competition and Consumer Policy Team Ministry of Business, Innovation and Employment PO Box 3705, Wellington 6140 Submission on the CCCFA disclosure regulations Thank

More information

Terms and Conditions

Terms and Conditions Terms and Conditions We want your decision to use Valour Financial Management services to be the best decision you have ever made towards regaining control of your financial situation. To that end we aim

More information

DSA. Guide to a Debt Settlement Arrangement

DSA. Guide to a Debt Settlement Arrangement nseirbhís Dócmhainneachta na héirea DSA Guide to a Debt Settlement Arrangement n Insolvency Service of Ireland A Debt Settlement Arrangement enables an eligible insolvent debtor to reach agreement with

More information

(1 July to date) LOCAL GOVERNMENT: MUNICIPAL FINANCE MANAGEMENT ACT 56 OF 2003

(1 July to date) LOCAL GOVERNMENT: MUNICIPAL FINANCE MANAGEMENT ACT 56 OF 2003 (1 July 2007 - to date) LOCAL GOVERNMENT: MUNICIPAL FINANCE MANAGEMENT ACT 56 OF 2003 (Gazette No. 26019, Notice No. 176 dated 13 February 2004. Commencement date: 1 July 2004 unless otherwise indicated)

More information

CODE FOR UNDERWRITING AGENTS: SYNDICATE EXPENSES. Explanatory Note. This code was issued in a regulatory bulletin 069/00 dated 12 September 2000

CODE FOR UNDERWRITING AGENTS: SYNDICATE EXPENSES. Explanatory Note. This code was issued in a regulatory bulletin 069/00 dated 12 September 2000 CODE FOR UNDERWRITING AGENTS: SYNDICATE EXPENSES This code was issued in a regulatory bulletin 069/00 dated 12 September 2000 Explanatory Note This code has been made under the Core Principles Byelaw in

More information

Guidance Note on Payment Protection Insurance Mis-Selling Claims

Guidance Note on Payment Protection Insurance Mis-Selling Claims Guidance Note on Payment Protection Insurance Mis-Selling Claims 1. Background 1.1 Payment protection insurance ( PPI ) is intended to cover a borrower s unexpected loss of income as a result of redundancy,

More information

DRN. Guide to a Debt Relief Notice

DRN. Guide to a Debt Relief Notice nseirbhís Dócmhainneachta na héirea DRN Guide to a Debt Relief Notice n Insolvency Service of Ireland A Debt Relief Notice enables an eligible insolvent debtor with limited disposable income and assets

More information

Home Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions

Home Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions Home Loan Terms and Conditions This document sets out your loan s terms and conditions In this document we ve explained the terms and conditions applying to your ANZ Home Loan. It includes key information

More information

Standard conditions of electricity supply licence

Standard conditions of electricity supply licence Gas and Electricity Markets Authority ELECTRICITY ACT 1989 Standard conditions of electricity supply licence SECTION A: STANDARD CONDITIONS FOR ALL SUPPLIERS Standard conditions 1 to 6: General arrangements

More information

310-10-00 Status. General

310-10-00 Status. General Checkpoint Contents Accounting, Audit & Corporate Finance Library Standards and Regulations FASB Codification Codification Assets 310 Receivables 310-10 Overall 310-10-00 Status Copyright 2014 by Financial

More information

Consolidated and Separate Financial Statements

Consolidated and Separate Financial Statements Compiled Accounting Standard AASB 127 Consolidated and Separate Financial Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted.

More information

Accommodation Bond Loans

Accommodation Bond Loans Accommodation Bond Loans Banksia Mortgages Limited ABN 36 087 342 238 Australian Credit Licence Number 227733 www.banksiagroup.com.au Investments & Loans About the Fund Manager Banksia Mortgages Limited

More information

ASSET FINANCE APPLICATION.

ASSET FINANCE APPLICATION. ASSET FINANCE APPLICATION. For all enquiries please contact us on 1300 658 108 Mon to Fri 9am-5pm (Melbourne time) or email us at business@mebank.com.au Visit mebank.com.au Please complete this form and

More information

Credit licensing: Competence and training

Credit licensing: Competence and training REGULATORY GUIDE 206 Credit licensing: Competence and training December 2009 About this guide This guide is for credit licensees and licence applicants. It provides guidance on how credit licensees can

More information

Thank you for your invitation to provide a submission to this Inquiry, and to attend the roundtable public hearing on 10 August 2007.

Thank you for your invitation to provide a submission to this Inquiry, and to attend the roundtable public hearing on 10 August 2007. SUBMISSION 15 GPO Box 9827 in your Capital City 30 July 2007 Mr Andrew McGowan Inquiry Secretary House of Representatives Standing Committee on Economics, Finance and Public Administration by email to:

More information

FINAL NOTICE. (2) Principle 7 (communications with customers); and

FINAL NOTICE. (2) Principle 7 (communications with customers); and Financial Services Authority FINAL NOTICE To: The Loan Company t/a Greenhill Finance ( TLC / the Firm ) Of: Saxon House Moston Road Sandbach Cheshire CW11 3AP Date: 29 October 2007 TAKE NOTICE: The Financial

More information

Statement of Policy Deposit Guarantee Scheme. April 2015 Updated July 2015

Statement of Policy Deposit Guarantee Scheme. April 2015 Updated July 2015 Statement of Policy Deposit Guarantee Scheme April 2015 Updated July 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury, London

More information

managed loans FEES AND LIMITS

managed loans FEES AND LIMITS managed loans FEES AND LIMITS Effective November 2014 Fees and Limits New Zealand Home Loans is committed to helping you and your family become debt free, faster. To help you do this, New Zealand Home

More information

Appendix B. Australian Property Institute Valuers Limited (APIV) Insurance Standards (for the APIV Professional Standards Scheme)

Appendix B. Australian Property Institute Valuers Limited (APIV) Insurance Standards (for the APIV Professional Standards Scheme) Standard 1 - Application of the APIV Insurance Standards 1. All members of the APIV must maintain a Professional Indemnity Insurance Policy which at a minimum is compliant with these Insurance Standards

More information

A Guide to a Debt Relief Notice ( DRN )

A Guide to a Debt Relief Notice ( DRN ) A Guide to a Debt Relief Notice ( DRN ) May 2013 Contents Introduction... 3 What is a DRN?... 3 Eligibility... 3 Debts which CAN be included in a DRN... 4 Key Features of a DRN... 5 Main steps in the process...

More information

LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA

LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA IN RE: : CHAPTER 13 : : CASE NO. - -bk- : : Debtor(s) : RIGHTS AND RESPONSIBILITIES AGREEMENT

More information

Go Home Loan. Fees and Limits Guide. Effective June 2015. Home loans

Go Home Loan. Fees and Limits Guide. Effective June 2015. Home loans Go Home Loan Fees and Limits Guide Effective June 2015 Home loans Transaction services Go Card Withdrawal limits are subject to the redraw balance available in your Go Floating Rate account and any lower

More information

Securities trading policy

Securities trading policy Securities trading policy Corporate Travel Management Limited ACN 131 207 611 Level 11 Central Plaza Two 66 Eagle Street Brisbane QLD 4000 GPO Box 1855 Brisbane QLD 4001 Australia ABN 42 721 345 951 Telephone

More information

Regulation Impact Statement: Delivering for Seniors Equity Release Product Reforms

Regulation Impact Statement: Delivering for Seniors Equity Release Product Reforms Regulation Impact Statement: Delivering for Seniors Equity Release Product Reforms Election commitment This section relates to an election commitment announced on 7 August 2010 to extend protections for

More information

Chapter 2d Utah High Cost Home Loan Act

Chapter 2d Utah High Cost Home Loan Act Chapter 2d Utah High Cost Home Loan Act 61-2d-101 Title. This chapter is known as the "Utah High Cost Home Loan Act." 61-2d-102 Definitions. As used in this part: (1) "Accelerate" means a demand for immediate

More information

Objective of General Purpose Financial Reporting

Objective of General Purpose Financial Reporting Statement of Accounting Concepts SAC 2 (8/90) Objective of General Purpose Financial Reporting Prepared by the Public Sector Accounting Standards Board of the Australian Accounting Research Foundation

More information

What does it mean? A Glossary of terms. Home Ownership Fact Sheet. Housing Programs Department of Housing and Public Works

What does it mean? A Glossary of terms. Home Ownership Fact Sheet. Housing Programs Department of Housing and Public Works Home Ownership Fact Sheet What does it mean? A Glossary of terms There are many words that are specific to property buyers, sellers and lenders. This list is designed to explain some of these words which

More information

Regulated Mortgages. March 2012

Regulated Mortgages. March 2012 Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section

More information

GUIDE TO DIRECTORS DUTIES UNDER THE BVI BUSINESS COMPANIES ACT 2004

GUIDE TO DIRECTORS DUTIES UNDER THE BVI BUSINESS COMPANIES ACT 2004 GUIDE TO DIRECTORS DUTIES UNDER THE BVI BUSINESS COMPANIES ACT 2004 CONTENTS PREFACE 1 1. Directors of Companies in the BVI 2 2. Statutory Duties of Directors in the BVI 3 3. Disclosure of Director Interests

More information

Reverse Mortgages. An investment research policy for using reverse mortgages

Reverse Mortgages. An investment research policy for using reverse mortgages Reverse Mortgages An investment research policy for using reverse mortgages Table of contents Table of contents... 2 At a glance... 3 Introduction... 4 What is a reverse mortgage?... 4 Advantages and disadvantages...

More information

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222 AN ACT TO UPDATE THE RATE SPREAD AND HIGH-COST HOME LOANS STATUTES, AND TO MAKE A CONFORMING CHANGE TO THE EMERGENCY

More information

National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012

National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012 Mr Christian Mikula Manager, Disclosure and International Unit Retail Investor Division The Treasury Langton Crescent PARKES ACT 2600 By email: creditphase2bill@treasury.gov.au 1 March 2013 National Consumer

More information

IVA PROTOCOL Straightforward consumer individual voluntary arrangement

IVA PROTOCOL Straightforward consumer individual voluntary arrangement IVA PROTOCOL Straightforward consumer individual voluntary arrangement Purpose of the protocol 1.1 The purpose of the protocol is to facilitate the efficient handling of straightforward consumer individual

More information

We are authorised by Personal Touch Financial Services Limited to advise and make arrangements in relation to Equity Release.

We are authorised by Personal Touch Financial Services Limited to advise and make arrangements in relation to Equity Release. General Terms and Conditions Hangar SE49 Gloucestershire Airport Cheltenham GL51 6SR Together, the content of the accompanying brochure (if any), the Client Fee Agreement (if we will be charging you a

More information

This article aims to highlight the following concepts in the context of the restructuring of debt.

This article aims to highlight the following concepts in the context of the restructuring of debt. UK Tax Alert June 8, 2015 Proposed New UK Tax Rules for Debt Restructuring 1. Executive Summary The U.K. corporate tax landscape has been undergoing reform for a number of years. A significant part of

More information

Abacus Wodonga Land Fund

Abacus Wodonga Land Fund Abacus Wodonga Land Fund DISCLOSURE OF INFORMATION The Australian Securities and Investments Commission (ASIC) has developed six benchmarks and eight disclosure principles for unlisted property trusts

More information

HOME LOAN APPLICATION FORM HOME LOANS/FIXED RATE/VARIABLE RATE HOME EQUITY LOANS

HOME LOAN APPLICATION FORM HOME LOANS/FIXED RATE/VARIABLE RATE HOME EQUITY LOANS HOME LOAN APPLICATION FORM HOME LOANS/FIXED RATE/VARIABLE RATE HOME EQUITY LOANS This is an important document. If you have difficulty understanding English, you must use an interpreter to explain it to

More information

Terms of Business. Regulated Activities Our principal business is mortgage lending and this activity is regulated by the Central Bank of Ireland.

Terms of Business. Regulated Activities Our principal business is mortgage lending and this activity is regulated by the Central Bank of Ireland. Terms of Business Provided in accordance with the Consumer Protection Code 2012 issued by the Central Bank of Ireland and can be found on the Central Bank s website www.centralbank.ie About Us Our legal

More information

MRS Title 9-A 8-103. Definitions and rules of construction

MRS Title 9-A 8-103. Definitions and rules of construction 9-A 8-103. Definitions and rules of construction The text included in this publication was prepared by the Maine Bureau of Financial Institutions and is current through July 15, 2008. It is a version that

More information

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1991 H 1 HOUSE BILL 22

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1991 H 1 HOUSE BILL 22 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION H HOUSE BILL Short Title: Regulate Reverse Mortgages. (Public) Sponsors: Representatives Brubaker, Easterling, Hasty, Ligon, Lineberry, Privette, and Woodard.

More information

Do you need a credit licence? An introduction to consumer credit licensing

Do you need a credit licence? An introduction to consumer credit licensing Do you need a credit licence? An introduction to consumer credit licensing July 2008 Do you need a credit licence? To comply with the requirements of the Consumer Credit Act 1974, you must have a credit

More information

Law on Mortgage of Immovable Property in Banking Transactions Chapter One General Provisions

Law on Mortgage of Immovable Property in Banking Transactions Chapter One General Provisions Law on Mortgage of Immovable Property in Banking Transactions Chapter One General Provisions Necessity of Creation of Law Article 1: This law is created to regulate the affairs relating to mortgage of

More information