South Australian Consolidated Acts South Australian Consolidated Acts (1) On and from the
commencement of this section, mortgage financing is not to be regarded as part
of the practice of the profession of the law.
(2) A
legal practitioner who engages in mortgage financing must inform each
prospective lender and borrower, orally and in writing, that any loss suffered
as a result of mortgage financing will not be compensated by the
guarantee fund or covered by professional indemnity insurance required under
this Act.
Maximum penalty: $10 000.
(3) It is not the
intention of the Parliament that any implication be drawn from this Act (or
the Act that inserted this section) that mortgage financing when engaged in by
a legal practitioner before the commencement of this section was part of the
practice of the profession of the law.