A contravention of the rules in this sourcebook does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3)of the Act as a provision giving rise to no such right of action).

For the valuation of residential immovable property to enter into an MCD credit agreement:

1. (1)

   an MCD creditor must use reliable standards for the valuation where the valuation is carried out by the MCD creditor; or

2. (2)

   where the valuation is carried out by a third party, the MCD creditor must take reasonable steps to ensure that reliable standards are used.

An MCD creditor must ensure that:

1. (1)

   internal and external appraisers conducting property valuations are professionally competent and sufficiently independent from the credit underwriting process so they can provide an impartial and objective valuation; and

2. (2)

   property valuations are documented in a durable medium.

[Note: article 19(2) of the MCD]