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MIPRU 1.2 Actions for damages

MIPRU 1.2.1 R RP

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).

MIPRU 1.3 Remuneration and property valuation requirements for MCD creditors

Property valuation requirements

MIPRU 1.3.2 R RP

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.

[Note: article 19(1) of the MCD]

MIPRU 1.3.4 R RP

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]