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Security, Consumer Credit Legislation and Legal Aspects of Lending …
Security, Consumer Credit Legislation and Legal Aspects of Lending (Chapter 7)
Other Relevant Legal Requirement in Lending
The Bankruptcy Act
The Code of Banking Practice
Australian Banking Industry Ombudsman
Overdraft and credit cards
Australian Securities and Investments Commission (ASIC)
The Legal Framework
Phase 1 Pre-loan approval
Consent under the privacy law
The Uniform Consumer Credit Code
Contract law
The Trade Practices Act 1974
The Contracts Review Act 1980, the Fair Trading Acts, and the Consumer Transactions Act 1972
Phase 2 Post loan approval
Promissory note
Guarantees
Mortgage deed
Legal mortgage
equytable mortgage
Bill of sale
An assignment of shares or life policies
Loan agreement
Execution of documents
Special rights of lending bankers
Legal requirements specific to home loan
The right to set-off and the right to appropriate payments