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LEGAL PROFESSION ACT 2006 - SECT 371 Nomination of practice as territory regulated mortgage practice

LEGAL PROFESSION ACT 2006 - SECT 371

Nomination of practice as territory regulated mortgage practice

    (1)     A solicitor who, in the solicitor's capacity as solicitor for a lender or contributor, negotiates the making of or acts in relation to a regulated mortgage, or who proposes to do so, may, by written notice given to the law society council, nominate the solicitor's practice as a territory regulated mortgage practice.

    (2)     A nomination may, if the law society council approves, be made for a solicitor by another solicitor.

Example

A nomination could be made by a solicitor on behalf of members of a firm of solicitors.

    (3)     A nomination of a solicitor's practice as a territory regulated mortgage practice takes effect on the day written notice of the nomination is given to the law society council.

    (4)     A nomination ceases to be in force in relation to a solicitor if—

        (a)     the solicitor revokes the nomination by written notice given to the law society council; or

        (b)     the solicitor's practising certificate ceases to be in force; or

        (c)     the law society council, by written notice given to the solicitor, rejects the nomination of the solicitor's practice.

    (5)     A nomination must include the information (if any) required by regulation and the legal profession rules.