Section 17: Protection of immovable property offered as security

17. Protection of immovable property offered as security (1) Where any immovable property has been mortgaged as security for the repayment of any amount due under a credit agreement, the lender shall not issue execution on the security without first reporting the matter to the Commissioner. (2) Where a report is made to the Commissioner under subsection (1), he— (a) shall enquire into the matter and, in particular, the financial situation of the borrower and hear the parties; (b) may determine what, in his opinion, is the most suitable way to avoid the seizure and sale of the immovable property; (c) may order— (i) the temporary suspension of the periodicity or amount of any payment to be made; (ii) where he is of opinion that the credit agreement is extortionate having regard to all the circumstances of the case, the waiving or write off of any interest charged; or (iii) a rescheduling of the periodicity or amount of the payments; and (d) may hold a conciliation sitting between the parties, draw up any scheme or arrangement agreed upon and determine that the implementation of such scheme or arrangement be subject to his supervision. (3) Any lender to whom an order under subsection (2) (c) has been issued may, not later than 21 days of the date of the order, apply to a Judge in Chambers for a decision varying or revoking the order.