In our previous article we discussed how the amendments set out in Farm Debt Mediation Amendment Bill 2018 (NSW) (the Amendments) will significantly change the Farm Debt Mediation Act 1994 (NSW) (FDMA). The Amendments came into effect by proclamation on 3 September 2018 and are now in force.
A consolidated version of the FDMA, including the Amendments is accessible online at https://www.legislation.nsw.gov.au/#/view/act/1994/91.
For further discussion of the Amendments, and how they may affect you, please see our previous article here. In general:
- the amendments increase the scope of the FDMA which is evident through the increased scope of the objectives of the FDMA as it now applies to all ‘matters’ involving farm debts rather than farm debt ‘disputes’; and
- there is also an increased focus on improving the dialogue between farmers and creditors before disputes arise, with farmers able to request medication with creditors before a loan default occurs.
Given the significant amendments and increased scope of the FDMA, it is important for both farmers and creditors to be aware of the Amendments to the FDMA.
Further information, including updated forms and mediation resources is available on the Rural Assistance Authority’s website at https://www.raa.nsw.gov.au/fdm.