Victorian lenders now required to take 'reasonable steps' to verify the identity of borrowers

  • Author : Bill Stark - 30-09-2014

Further to my post of 25 August 2014, the Transfer of Land Amendment Act 2014 (Vic) came into effect on 24 September 2014.

As previously noted, the amendments require lenders to take 'reasonable steps' to verify the identity of borrowers before executing a mortgage or variation of mortgage.

The amendments are a part of the legislative package brought in to allow for the full introduction of e-conveyancing.

 

About the Author

Bill Stark

Recent Posts

Can parties to a mortgage agree to contract out of the statute of limitations?

Bill Stark Date: 02-09-2021

Who is responsible when external cladding fails in an apartment tower during a fire - Court of appeal?

Bill Stark Date: 04-06-2021

Are there any recent cases about a mortgagee's duty of good faith in selling secured property in pandemic times?

Bill Stark Date: 03-06-2021

Can I enforce an unregistered restrictive covenant?

Bill Stark Date: 08-02-2021

How far above ground level can an owner of land enforce their rights of ownership?

Bill Stark Date: 06-10-2020

Can a gift of land during the donor's lifetime defeat a claim against his or her estate after death? - follow up

Bill Stark Date: 25-09-2020