This article is from the Australian Property Journal archive
THE New South Wales Parliament has passed the Electronic Conveyancing Enforcement Bill 2022, with amendments included to better enable compliance enforcement.
The bill extends the powers of the NSW Office of the Registrar General ahead of the development and implementation of national laws, under the Electronic Conveyancing National Law (ECNL).
The enhanced compliance and enforcement powers in governing Electronic Lodgment Network Operators (ELNOs), include the issuing of a written enforceable undertaking that contravenes the ECNL, remedial directions and penalties that are enforceable via the Supreme Court.
The amendments to the bill also significantly increase the cost of non-compliance by ELNOs, in order to prevent penalties from being treated as a normalised cost for operators.
E-settlement services provider Sympli has welcomed the news as a step towards a more competitive baseline for the industry.
“The passing of the Bill, with amendments, is a significant milestone in the pursuit of interoperability and competition in the industry. Interoperability is an integral tool that will allow individuals buying and selling property, and practitioners and banks facilitating this important process, to operate within a fair and competitive sector,” said Philip Joyce, CEO at Sympli.
“Interoperability will increase competition in the industry, driving freedom of choice, innovation and value for practitioners and their clients. We look forward to continuing our involvement in this important process.”
Sympli added that the bill and its amendments will ensure that ELNOs are answerable for their actions and lack thereof across the state, until a national enforcement regime is implemented.
“The NSW Parliament is to be congratulated on passing this important piece of legislation and putting in place the necessary infrastructure to ensure it is a success. This is crucial for the entire industry as we work towards interoperability.”
