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ARTICLE · 14 JULY 2006

Banking & Finance Update – January 2006

Gadens Lawyers
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Gadens Lawyers has identified a number of problems with the proposed amendments to the Land Title Act (Qld) 1994. A fundamental problem is the prescribed process of checking identification needs to be clarified. As a $1,500 penalty applies for each non-compliance, clarity is essential.

AustraliaFinance and Banking

Contents

  • Problems with new measures to counter identity fraud in Queensland
    • Guarantees: another one bites the dust!

    PROBLEMS WITH NEW MEASURES TO COUNTER IDENTITY FRAUD IN QUEENSLAND

    Gadens Lawyers has identified a number of problems with the proposed amendments to the Land Title Act (Qld) 1994. A fundamental problem is the prescribed process of checking identification needs to be clarified. As a $1,500 penalty applies for each non-compliance, clarity is essential.

    The amendments are intended to address the rising incidence of identity fraud in relation to mortgages. The amendments are expected to commence in February 2006. There may be changes prior to commencement.

    Key issue

    Do lenders need to repeat identification procedures when the mortgage is signed? If so, will it be necessary for mortgagors to attend the offices of the lender or its lawyers?

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