Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where the Commonwealth is paying subsidy on a subsidised advance to a person, or the assignee of a person, and the Secretary is satisfied that:
(a) a certificate of entitlement in relation to that advance was issued to the person as a result of a false statement made by the person or the assignee of the person; or
(aa) a certificate of assignment in relation to that advance was issued to the person as a result of a false statement made by the person or the assignee of the person; or
(b) the person was not, when a certificate of entitlement in relation to the advance was issued to the person, entitled to the certificate; or
(ba) the person was not, when a certificate of assignment in relation to the advance was issued to the person, entitled to the certificate; or
(c) the person, or the assignee of the person, used the advance for a purpose other than that for which it was made; or
(d) where the person is a transferee--the person has, without reasonable excuse, failed to comply with an undertaking given by the person to the Secretary under subsection 22(2);
the Secretary may, by notice of cancellation given to the person, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
(2) Where:
(a) the Commonwealth is paying subsidy on a specified portfolio asset which vests in the Bank under section 6B or a subsidised advance; and
(b) the Secretary is satisfied that the person in respect of whom the subsidy is being paid has agreed or arranged to transfer the relevant land, land and dwelling - house or right of residence in a retirement village, by a transfer that is subject to:
(i) that specified portfolio asset; or
(ii) the mortgage securing that advance; or
(iii) in the case of a right of residence in a retirement village--any other security that the credit provider has in relation to that advance;
as the case may be, to a person who is not a transferee;
the Secretary may, by notice of cancellation given to the first - mentioned person, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
(2A) If:
(a) a person has obtained a right of residence in a retirement village; and
(b) the person is a borrower in relation to that right of residence and is liable to pay the outstanding amount of a subsidised advance in respect of which subsidy is payable; and
(c) the credit provider has no security for the subsidised advance; and
(d) the Secretary is satisfied that the person has agreed or arranged to transfer the right of residence, while the person's liability under paragraph (b) remains, to a person who is not a transferee;
the Secretary may, by notice of cancellation given to the first - mentioned person, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
(2B) If:
(a) the Commonwealth is paying subsidy on an assigned advance; and
(b) the Secretary is satisfied that:
(i) the assignor has agreed to transfer the right of residence in the retirement village, or has given up the right of residence in the retirement village; or
(ii) the assignee has agreed to transfer all or part of his or her interest in the retirement village, or has terminated the assignor's right of residence in the retirement village;
the Secretary may, by notice of cancellation given to the assignor, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
(2C) If the Secretary cancels a subsidy under subsection (2B), the credit provider may, from the date when the cancellation of subsidy takes effect, charge an interest rate in relation to the advance that is an interest rate applicable to similar loans provided by the credit provider to mortgagors generally.
(3) Where the Commonwealth is paying subsidy on a specified portfolio asset or a subsidised advance and the credit provider takes action to enforce:
(i) the asset; or
(ii) the mortgage securing the advance; or
(iii) in the case of a right of residence in a retirement village--any other security that the credit provider has in relation to that advance;
but does not, within 3 months after starting that action, recover the outstanding balance secured under the asset, or the outstanding balance of the advance, as the case may be, the Secretary may, by notice of cancellation given to the relevant borrower, purchaser or transferee, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
(4) Where the Commonwealth is paying subsidy in respect of 2 persons and one of those persons becomes a spouse or de facto partner of the other person, the Secretary may, by notice of cancellation given to one of those persons, cancel the subsidy in respect of that person on the date specified in the notice, being a date not earlier than the date of the notice.
(5) The Secretary shall cause a copy of a notice of cancellation to be given:
(a) to the credit provider; and
(b) in the case of an assigned advance--to the assignee.
(6) Where the Secretary cancels subsidy under this section, that subsidy ceases to be payable on the date specified in the notice of cancellation.
(7) Where:
(a) the Commonwealth is paying subsidy on a subsidised advance to a person, or to the assignee of a person, in relation to the person's retirement village accommodation; and
(b) the person's right of residence in the retirement village is terminated for any reason and the person ceases to reside in the retirement village accommodation;
the Secretary may cancel the subsidy by written notice given to the person.
(8) The cancellation takes effect on the date specified in the notice, being a date not earlier than the date of the notice.
(9) If:
(a) the person's right of residence is terminated; and
(b) the person has a right of review of, or appeal against, the decision to terminate;
the termination is taken, for the purposes of subsection (7), not to occur until:
(c) the review or appeal has been finally determined and the person has ceased to reside in the retirement village accommodation; or
(d) the period within which such an appeal or review could be instituted has ended without an appeal or review having been instituted and the person has ceased to reside in the retirement village accommodation.