Property Law Amendment Regulation (No. 1) 2008 (Qld)

Queensland Property Law Amendment Regulation (No. 1) 2008 Subordinate Legislation 2008 No. 451 made under the PropertyLawAct1974 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Insertion of new s 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Prescribed mortgages—Act, s 85 . . . . . . . . . . . . . . . 2

Property Law Amendment Regulation (No. 1) 2008 [s 1] 1 Short title This regulation may be cited as the Property Law Amendment Regulation (No. 1) 2008 . 2 Regulation amended This regulation amends the Property Law Regulation 2003. 3 Insertion of new s 4 After section 3— insert— ‘4 Prescribed mortgages—Act, s 85 ‘(1) For the Act, section 85, a mortgage is a prescribed mortgage if it is a mortgage over residential land and the mortgagor’s home is on the land. ‘(2) For subsection (1)— (a) it does not matter that a residence is also used for a business purpose if the residence is primarily used as the mortgagor’s home; and (b) the residence does not stop, or, in relation to a residence used by the mortgagor before the commencement, did not stop, being the mortgagor’s home only because the mortgagor stopped using the residence as the mortgagor’s home— (i) at the time the default occurred; or (ii) at any time within 6 months before the default occurred. ‘(3) In this section— commencement means the commencement of this section. default means the default that gives rise to the power of sale mentioned in the Act, section 83. home , of a mortgagor, means a residence on residential land that is occupied by the mortgagor as the mortgagor’s principal place of residence. Page 2 2008 SL No. 451

Property Law Amendment Regulation (No. 1) 2008 [s 3] residential land means land, or the part of land, on which a residence is constructed, and includes the curtilage attributable to the residence if the curtilage is used for residential purposes. residence means a building, or part of a building, that is— (a) fixed to land; and (b) designed, or approved by a local government, for human habitation by a single family unit; and (c) used for residential purposes.’. ENDNOTES 1 Made by the Governor in Council on 11 December 2008. 2 Notified in the gazette on 12 December 2008. 3 Laid before the Legislative Assembly on . . . 4 The administering agency is the Department of Justice and Attorney-General. © State of Queensland 2008 2008 SL No. 451 Page 3