Victorian Numbered Acts Victorian Numbered Acts(1) This Act (except this Division) does not apply to a creditor who holds a farm mortgage if an exemption certificate is issued under this section in respect of that farm mortgage.
(2) On the application of a creditor in respect of a farm mortgage, the Small Business Commissioner must issue an exemption certificate if—
(a) the farmer is in default under the farm mortgage; and
(b) no prohibition certificate is in force in relation to the farm mortgage; and
(c) the Small Business Commissioner is satisfied that—
(i) having regard to section 17, satisfactory mediation has taken place in respect of the farm debt involved; or
(ii) having regard to section 19(1), the farmer has refused to mediate; or
(iii) at least 3 months have elapsed after a notice was given by the creditor under section 8, or any extended period that has been agreed to in writing by the creditor and farmer, and throughout that period the creditor has attempted to mediate in good faith but no mediation or no satisfactory mediation has taken place.
(3) The Small Business Commissioner may issue an exemption certificate in respect of a farm mortgage to a creditor holding the mortgage if the Commissioner is satisfied that the farm debt has already been satisfactorily mediated under an alternative dispute resolution scheme other than that provided for under Part 3.
(4) If mediation has taken place under this Act, the Small Business Commissioner must have regard to the written report of the mediator who conducted the mediation to determine whether satisfactory mediation has occurred.
(5) An exemption certificate remains in force for the period specified in the certificate that has been calculated in accordance with section 18.
(6) The expiry of an exemption certificate does not affect any proceedings for recovery of a farm debt, or for the exercise or enforcement of any right of the creditor, already taken or commenced by a creditor while the exemption certificate was in force, and any proceedings may be continued and concluded as if the certificate were still in force.
(7) The reference in subsection (6) to the commencement of proceedings does not include a reference to the giving of any statutory enforcement notice or other action taken in order to fulfil a condition precedent to the enforcement of a right otherwise than through proceedings in a court or tribunal.