Mortgages (Secondary Market) Act Amendment Act 1985 (Qld)

818 (Oueei mh inb ANNO TRICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 46 of 1985 An Act to amend the Mortgages ( Secondary Market) Act 1984 in certain particulars [ASSENTED TO 24TH A PRIL, 1985]

Mortgages ( Secondary Market) Act Amendment Act 1985, No. 46 819 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Mortgages (Secondary Market) Act Amendment Act 1985. (2) In this Act the Mortgages (Secondary .tfarket) Act 1984 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Mortgages (Secondary ;Market) Act 1984-1985. 2. Commencement . (1) Section I and this section shall commence on the day on which this Act is assented to for and on behalf of Her Majesty. (2) Except as provided by subsection (1), this Act or the provisions thereof specified in the Proclamation shall commence on the day or days appointed by Proclamation for the commencement of this Act or, as the case may be, those provisions. 3. Amendment of s. 27. Authorized trustee investment . Section 27 of the Principal Act is amended by- (a) in subsection (2)- (i) omitting from paragraph (c) the words "to the extent of 100 per centum of that liability; " and substituting the following words:- "to the extent of- (i) 100 per centum of the mortgagor's liability where the mortgage is secured on land and improvements used by the mortgagor as his residence; or (ii) the mortgagor's liability in respect of that part of the moneys so payable over and above 60 per centum of those moneys where the mortgage is secured on land or on land and improvements other than those referred to in sub-paragraph (i);„ (ii) omitting from paragraph (d) the words "at the time" and substituting the words "before the expiration of seven days after the date on which"; (b) in subsection (3), omitting from the Table in paragraph (a) the expression "100" and substituting the expression "25". 4. New s . 27B. The Principal Act is amended by inserting after section 27A the following section:- "27B. Registered trustee to report default . A registered trustee who becomes aware- (a) that any person has made default in complying with the provisions of a trust deed duly approved by the

820 .tlortgages (.Secondari• Market) Act Amendment Act 1985, No. 46 Commissioner under which the registered trustee is trustee; or (b) of any other prescribed matter, shall forthwith furnish to the Commissioner a report in writing thereon. Penalty: $500.". 5. New s. 33. The Principal Act is amended by inserting after section 32 the following section:- "33. Certain instruments exempt from registration fees. If upon production to him for registration of an instrument referred to in this section the Registrar of Titles is satisfied that- (a) the instrument, being a conveyance or transfer of a mortgage, is a conveyance or transfer of a mortgage to a registered trustee for the purposes of a trust deed duly approved by the Commissioner; or (b) the instrument, being a conveyance or transfer of a mortgage held by a registered trustee for the purposes of a trust deed duly approved by the Commissioner, is a conveyance or transfer of the mortgage from the registered trustee to a person who in relation to that mortgage is the manager of mortgages, no fees shall be payable under the Real Property Act 1861-1981 in respect of the instrument.". 6. Amendment of s. 39 . Retention of fee dependent on loan or credit for which broker engaged . Section 39 of the Principal Act is amended by inserting after the words "shall not" the words ", without the client's consent in writing,".