Are you a lender of funds? Get your systems in place now to avoid an issue.
By Phillip Leaman
24 September 2014
On 24 September 2014 new laws took effect to require mortgagees to take reasonable steps to verify the identity and authority of a borrower under a mortgage. The Transfer of Land Act 1958 has been amended to impose strict obligations upon lenders.
What do lenders need to do?
They need to properly identify borrowers and it is suggested they follow the standards set out in the Electronic Conveyancing National Law (Victoria).
If a fraud is perpetrated then the mortgage will be void and the security will be lost.
The new law applies to institutional lenders and private lenders.
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