New South Wales Repealed Regulations

This legislation has been repealed.

LEGAL PROFESSION REGULATION 2002 - REG 109

109 Investments Register

(1) A solicitor must keep and maintain an Investments Register in accordance with this clause.

(2) The Investments Register must include the following:

(a) copies of all Summaries of Mortgage required to be prepared by the solicitor for regulated mortgages, in alphabetical order according to the mortgagor’s names, with separate sections for undischarged and discharged mortgages,

(b) a mortgage history register for each regulated mortgage,

(c) a record for each lender or contributor,

(d) a list of undischarged regulated mortgages, capable of being produced on demand from the Register, disclosing for each mortgage the mortgage reference number, the name of the mortgagor and the total amount of the mortgage,

(e) a list of the following:

(i) all regulated mortgages arranged, varied and discharged, including details of the mortgagor, mortgagee, principal contributed by each lender or contributor and the date of each mortgage, variation or discharge,

(ii) the names of all lenders or contributors who have invested in regulated mortgages, the mortgages in which they have invested, the date of investment and repayment and the amount of principal secured by each mortgage.

(3) The mortgage history register for a regulated mortgage is to contain the following:

(a) the mortgage reference number,

(b) the name and address of the mortgagor,

(c) the address of the property subject to the mortgage,

(d) the date the mortgage is repayable,

(e) the date of, and details of, any variations of the mortgage,

(f) the name and address of each lender or contributor and the principal amount contributed by each lender or contributor.

(4) The record for each lender or contributor is to contain the following:

(a) the mortgage reference number,

(b) the name and address of the lender or contributor,

(c) the amounts invested and the date of the mortgage or substitution,

(d) the amounts repaid and the date of discharge of the mortgage or substitution,

(e) a resulting balance after each entry.

(5) On the discharge of a regulated mortgage, the solicitor must ensure that the date of discharge is recorded on the Summary of Mortgage in the Investments Register and that the Summary is relocated with the Summaries applying to discharged mortgages.