sec.175EMeaning of financier for a letting agent’s contract

sec.175E Meaning of financier for a letting agent’s contract

A person is a financier for a contract under which a letting agent is authorised by a body corporate if the letting agent and the person give written notice signed by each of them to the body corporate that the person is a financier for the contract. A person stops being a financier for the contract if the person gives the body corporate a written notice withdrawing the notice given under subsection (1) . A notice under subsection (2) may be given without the letting agent’s agreement. However, a person is a financier for the contract only if— the person is a financial institution; or the person, in the ordinary course of the person’s business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts as the whole or part of the person’s security for supplying the finance; or at the time the person supplied finance for a business acquisition using a charge over the contract as the whole or part of the person’s security, the person was a person to whom paragraph (b) would have applied. s 175E ins 2009 No. 26 s 43 (sec.175E-ssec.1) A person is a financier for a contract under which a letting agent is authorised by a body corporate if the letting agent and the person give written notice signed by each of them to the body corporate that the person is a financier for the contract. (sec.175E-ssec.2) A person stops being a financier for the contract if the person gives the body corporate a written notice withdrawing the notice given under subsection (1) . (sec.175E-ssec.3) A notice under subsection (2) may be given without the letting agent’s agreement. (sec.175E-ssec.4) However, a person is a financier for the contract only if— the person is a financial institution; or the person, in the ordinary course of the person’s business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts as the whole or part of the person’s security for supplying the finance; or at the time the person supplied finance for a business acquisition using a charge over the contract as the whole or part of the person’s security, the person was a person to whom paragraph (b) would have applied.

• (a) the person is a financial institution; or
• (b) the person, in the ordinary course of the person’s business, supplies, or might reasonably be expected to supply, finance for business acquisitions, using charges over contracts as the whole or part of the person’s security for supplying the finance; or
• (c) at the time the person supplied finance for a business acquisition using a charge over the contract as the whole or part of the person’s security, the person was a person to whom paragraph (b) would have applied.