AustLII Tasmanian Consolidated Acts

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LEGAL PROFESSION ACT 2007 - SECT 413

Prohibition regarding mortgage schemes

(1)  A law practice must not engage in, administer or facilitate a mortgage investment scheme unless the mortgage investment scheme is conducted by a separate legal entity which does not form part of the law practice.
Penalty:  Fine not exceeding 100 penalty units.
(2)  A contravention by a law practice of subsection (1) is capable of constituting professional misconduct on the part of a principal or legal practitioner associate of the law practice involved in the contravention.
(3)  An Australian legal practitioner who knows that an associate has contravened this section must notify the Board in writing of that fact within 21 days after becoming aware of the contravention.
Penalty:  Fine not exceeding 50 penalty units.



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