On Oct. 2, AST TAS PRL enacted the Farm debt mediation act 2024.
AST TAS PRL enacted the Farm debt mediation act 2024, establishing mandatory mediation procedures before creditor enforcement actions on farm mortgages.
Document dated Oct. 2, 2024, received from TAS PRL Oct. 18, summarized Oct. 22.
Overview of Act
Requires creditors to obtain exemption certificates before taking enforcement actions on farm mortgages; establishes the position of Farm Debt Mediation Commissioner.
Commissioner's role includes overseeing processes and issuing certificates; act also creates framework for both creditor and farmer-initiated mediation with shared costs.
Exemption certificates valid for 3 years and prohibition certificates for 6 months.
Does not apply to farmers under bankruptcy control or external administration.
Effectiveness
The provisions of this act commence on a day/days to be proclaimed.
Nov. 2024 Proclamation
On Nov. 27, 2024, AST TAS PRL said the above act will commence on Dec. 4, 2024.
