Queensland Consolidated Regulations Queensland Consolidated Regulations(1) The Code applies to a mortgage or guarantee made before the commencement of the Code to the extent that it secures obligations under a credit contract, or related guarantee, to which the Code applies or to the extent that it guarantees obligations under a credit contract to which the Code applies.
(2) However--
(a) part 3 of the Code (except sections 54(2) and 56) does not apply to such a mortgage or guarantee; and
(b) part 5, division 2 of the Code does not apply to any enforcement action under such a mortgage or guarantee that was commenced before the Code commences to apply to the credit contract or related guarantee concerned.
(3) The remainder of the Code applies only to anything done or omitted to be done in respect of such a mortgage or guarantee after the Code commences to apply to the credit contract or related guarantee concerned.