28JObligations of credit providers before entering credit contracts or increasing credit limits

28J Obligations of credit providers before entering credit contracts or increasing credit limits

For section 128 of the Act, if: (a) the credit to be provided under the credit contract will be used for the purchase of a residential property; and (b) the credit will be secured by a mortgage over the property; the period is 120 days.

Note: Section 128 of the Act provides that a licensee must not enter into a credit contract with a consumer, or increase the credit limit of a credit contract with a consumer, on a day unless the licensee has, within 90 days (or other period prescribed by the regulations) before the day, made an unsuitability assessment and made particular inquiries and verification.