Tag Archives: National mortgage services

ILN Today Post
September 3, 2013

Verification of Identity (VOI) rules for land dealings in WA

By gadens

On 20 June 2012 the Western Australian Registrar and Commissioner of Titles issued a practice statement titled ‘Verification of Identity’.  This practice commenced transitionally starting on 1 July 2012 with full compliance expected on documents lodged on and after 2 January 2013.  The procedures can be accessed at http://www.landgate.wa.gov.au/docvault.nsf/web/PS_CIB/$FILE/VOI_Practice_WA-20June2012.pdf  More…

Posted in Asia Pacific | Legal Updates
Read full article
ILN Today Post
January 29, 2013

Loan variations and responsible lending

By gadens

If a variation to a loan contract is documented by a new credit contract instead of a variation agreement, the responsible lending provisions will be triggered.

Everybody knows that the responsible lending obligations are triggered when a loan is varied by increasing the principal sum, but it may come as a surprise that other loan variations can also trigger responsible lending obligations.

The responsible lending obligations (making enquiries about the borrower’s requirements and objectives, enquiring about and verifying the borrower’s financial position and making a credit assessment) are triggered when a credit assistant suggests or arranges for a borrower to enter into a specific credit contract or specific finance lease.  More…

Posted in Asia Pacific | Legal Updates
Read full article
ILN Today Post
January 21, 2013

Summaries from COSL 2012 report

By gadens

Interesting case studies from COSL

COSL recently released its Annual Report on Operations for 2011-12.  The report contains a wealth of information.  Some of the case studies and systemic issues mentioned in the report make interesting reading and provide a useful insight to the operation of EDR schemes.  They are set out virtually verbatim below. More…

Posted in Asia Pacific | Legal Updates
Read full article
ILN Today Post
January 16, 2013

Phase 2 credit reforms and other changes

By gadens

Treasury released consultation drafts of the Phase 2 credit reform proposals on 20 December 2012.  Submissions close on 15 February 2013.  The following is an incomplete summary.  The law may change before coming into force, and may not be passed at all.  A start date has not yet been set.

Key initiatives

1.  Registration (called a permit) will be required for brokers, lenders, or lessors
to provide services to small businesses.  Very limited rules will apply to this
type of lending.  Although the permit regime will form part of the NCCP Act,
the loans and leases will not be regulated by the National Credit Code
(NCC).  At present current ACL holders will not automatically be accredited.  More…

Posted in Asia Pacific | Legal Updates
Read full article
ILN Today Post
January 14, 2013

1 March 2013 NCCP Changes

By gadens

With less than two months to go, here is a timely reminder of the changes to the National Consumer Credit Protection Act commencing on 1 March 2013.

The table below summarises the changes.   Gadens Lawyers can provide more detailed information and prepare appropriate documents and procedures on request. More…

Posted in Asia Pacific | Legal Updates
Read full article