South Australian Current Acts

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REAL PROPERTY ACT 1886 - SECT 128A

128A—Obligations of mortgagee

        (1)         A person must not enter into a mortgage as mortgagee without first verifying the authority of the intended mortgagor to enter into the mortgage in accordance with the verification of authority guidelines.

Maximum penalty: $10 000 or imprisonment for 2 years.

        (2)         A mortgagee must retain a copy of any document used for the purpose of fulfilling his or her obligations under subsection (1) for the period prescribed by the regulations.

Maximum penalty: $10 000 or imprisonment for 2 years.

        (3)         This section does not apply in relation to a mortgage that is not intended to be lodged for registration in the Lands Titles Registration Office.



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