Australia National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009) s85-86: Voluntary surrender of mortgaged goods: value notice within 14 days, honour return or nominated purchaser requests within 21 days, sell for the best price, credit the proceeds and account in writing

Where the contract is an instalment sale or the provider holds a goods mortgage, the debtor or mortgagor may give written notice of intention to return the goods, or require the provider to sell goods it holds. The provider must give a written notice of the estimated value and any regulated information within 14 days of return or requirement; must return the goods or drop the sale if asked within 21 days and the debtor is not in default; must offer the goods to a purchaser nominated within 21 days at the estimated value or any higher written offer; must otherwise sell as soon as reasonably practicable for the best price reasonably obtainable; must credit the net proceeds (deducting only the secured amount, prior and notified subsequent mortgages, reasonable enforcement expenses and possession and sale costs); and must give a written notice of the gross and net proceeds, the amount credited and the amount still required. Breach is a strict liability offence (50 penalty units), the court may order a higher credit where the sale was late or underpriced, and the onus of proving compliance is on the provider.