Turf QLD Industry Alert |Banks Unable To Foreclose On Farmers Without Debt Mediation Under New Queensland Laws
Banks Unable To Foreclose On Farmers Without Debt Mediation Under New Queensland Laws
Banks will not be allowed to foreclose on struggling Queensland farmers without first offering them debt mediation under new laws passed in State Parliament.
Labor and the LNP supported the Farm Business Debt Mediation Bill, which would require financial institutions to offer mediation to farmers who were in arrears before starting enforcement action.
Queensland Agriculture Minister Bill Byrne said it was an alternative to expensive and drawn-out legal battles.
“We want to ensure farming families experiencing financial difficulty are treated fairly by financial institutions when they are faced with the daunting prospect of selling property assets to repay loans,” Mr Byrne said.
For further information please open the link below and Farm Business Debt Mediation Bill.
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