§ 54 — Notice of objection

54.—(1) Where B or B’s assignee (as the case may be) wishes to object to A’s revision of the repayment schedule, B or B’s assignee must —(a)

serve a notice of objection on A and all the persons in section 53(2)(b) —(i)

within the period of 2 weeks after the negotiation period for A’s notice of revision; and

(ii)

within the service period for that notice; and

(b)

lodge the notice of objection with the adjustment relief Registrar within the period in paragraph (a)(i).

(2) B or B’s assignee (as the case may be) may only object to A’s revision of the repayment schedule on any one or more of the following grounds:(a)

the contract in question is not a specified contract described in Part 1 of the Fourth Schedule;

(b)

A does not satisfy the requirements in Part 2 of the Fourth Schedule;

(c)

the notice of revision was not served in accordance with section 53;

(d)

A’s proposed revised repayment schedule does not satisfy the requirements in paragraphs (a) to (d) of section 53(4).

(3) The adjustment relief Registrar may refuse to accept the notice of objection for lodgment if —(a)

the notice of objection was not served and lodged in accordance with subsection (1); or

(b)

B or B’s assignee (as the case may be) fails or refuses to provide any information or document reasonably required by the adjustment relief Registrar.

(4) Pending the determination of an adjustment relief assessor on the validity of any objection by B or B’s assignee (as the case may be), A may make the payments in accordance with A’s proposed revised repayment schedule.[Act 37 of 2020 wef 14/01/2021]

—(1) Where B or B’s assignee (as the case may be) wishes to object to A’s revision of the repayment schedule, B or B’s assignee must —(a)

serve a notice of objection on A and all the persons in section 53(2)(b) —(i)

within the period of 2 weeks after the negotiation period for A’s notice of revision; and

(ii)

within the service period for that notice; and

(b)

lodge the notice of objection with the adjustment relief Registrar within the period in paragraph (a)(i).

(2) B or B’s assignee (as the case may be) may only object to A’s revision of the repayment schedule on any one or more of the following grounds:(a)

the contract in question is not a specified contract described in Part 1 of the Fourth Schedule;

(b)

A does not satisfy the requirements in Part 2 of the Fourth Schedule;

(c)

the notice of revision was not served in accordance with section 53;

(d)

A’s proposed revised repayment schedule does not satisfy the requirements in paragraphs (a) to (d) of section 53(4).

(3) The adjustment relief Registrar may refuse to accept the notice of objection for lodgment if —(a)

the notice of objection was not served and lodged in accordance with subsection (1); or

(b)

B or B’s assignee (as the case may be) fails or refuses to provide any information or document reasonably required by the adjustment relief Registrar.

(4) Pending the determination of an adjustment relief assessor on the validity of any objection by B or B’s assignee (as the case may be), A may make the payments in accordance with A’s proposed revised repayment schedule.[Act 37 of 2020 wef 14/01/2021]