131Who is a financier for a service contract?

131 Who is a financier for a service contract? (1) A person is a financier for a service contract if— (a) the person— (i) is a financial institution; or (ii) 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 for security; or (iii) if the contract exists immediately before the commencement of this part—at the time the finance was supplied for a business acquisition using a charge over the contract for security, was a person mentioned in subparagraph (ii); and (b) a service contractor for the contract and the person give written notice signed by each of them to the owners corporation that the person is a financier for the contract. (2) A person stops being a financier for a service contract if the person gives the owners corporation written notice withdrawing the notice given under subsection (1).

(3) A notice under subsection (2) may be given without the service contractor’s agreement.