Changes in the Bill

The changes in the Bill are to:

  • remove the words 'certificate of title' and replace with 'folio of the Register' where appropriate
  • remove the concept of Control of the Right to Deal (CoRD) otherwise known as 'Electronic Certificate of Title (eCTs)' to allow first registered ADI mortgages to no longer be recorded as holding CoRD and all current CoRD notifications will be cancelled
  • introduce a new requirement for an 'information notice' to be issued to the lodging party. This notice is a more comprehensive version of the current registration notice and will replace the registration information that a lodging party would have received on receipt of a certificate of title
  • remove barriers to lodging instruments electronically directly to the Registrar General. This allows dealings that can't be lodged through an Electronic Lodgment Network Operators (ELNO) to be lodged electronically. It also opens the possibility for other documents such as power of attorney and deeds to be lodged electronically in the future, if they can't be lodged through an ELNO
  • update some of the language and make it technology neutral.
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