29Transfer requests

29 Transfer requests

Investor may request allocations to be transferred because of breach (1) An investor for a dwelling covered by an allocation may make a written request (a transfer request) for the allocation to be transferred because the approved participant has committed, or allegedly committed, any of the following: (a) an individual breach; (b) a serious breach; (c) a disqualifying breach. The transfer request may be made before or after any determination of the breach is made under Subdivision A. Requirements for certain transfer requests (2) A transfer request: (a) must: (i) be in a form approved by the Secretary; and (ii) include details of the breach alleged by the investor; but (b) does not need to specify whether the alleged breach is an individual breach, a serious breach or a disqualifying breach. (3) However, an investor must not make a transfer request unless: (a) the investor has given the approved participant written notice of the alleged breach; and (b) 90 days have passed since the notice was given; and (c) the investor is satisfied that the approved participant has not taken appropriate action in relation to the alleged breach. (4) Paragraph (2)(a) and subsection (3) do not apply if: (a) the approved participant is allegedly the subject of an insolvency event; or (b) a determination of the breach has already been made under Subdivision A. Withdrawing transfer requests (5) An investor may withdraw a transfer request by giving written notice to the Secretary.

Note: For this to be effective, this notice will need to be given before the Secretary transfers the allocation under section 32 in response to the transfer request.