(1) If a notice in writing has been served on a purchaser by a vendor under section 29Q and the purchaser, without lawful excuse, fails to comply with the notice—
(a) the purchaser is deemed to have breached a condition of the contract and the vendor is entitled to all civil remedies for that breach; and
(b) the purchaser is guilty of an offence and liable to a penalty of not more than 60 penalty units, in the case of a natural person or 300 penalty units, in the case of a body corporate.
(2) In this section a lawful excuse includes where the purchaser disputes in good faith the terms of the mortgage.
S. 29U inserted by No. 6/2008 s. 33.