Summary

Provides that financial institutions with credit agreements to which a security over Australian land applies: must provide to defaulting borrowers notification of their claim of default and register the notification with an authorised government instrumentality; are prohibited from enforcing a right to re-possess or sell the land for a period of two years after default; are prohibited from imposing additional charges on the borrower that were not in place before the default arose; and require the borrower to continue to make interest payments on the credit amount. Also prevents confidentiality clauses in settlement agreements.