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.