Under section 16 of the ECNL, the Registrar General has the power to attach conditions to an ELNO’s approval to operate an electronic lodgment network in NSW.
The conditions framework in NSW includes:
|General Conditions||Theses are standard conditions that apply uniformly to all ELNOs|
|Special Conditions||These are conditions that apply to individual ELNOs, based on the circumstances of each ELNO|
Approvals and related conditions for each ELNO:
ELNO vendor guarantees
Under the General Conditions, each ELNO is required to provide a guarantee for the benefit of vendors in residential eConveyancing transactions.
Click here to view a table setting out the key terms and conditions of each ELNO’s vendor guarantee.
ELNO Service Fees
Under the General Conditions, an ELNO may increase its Service Fees once each financial year. The conditions impose an annual price increase cap of “CPI – Factor”, with the Factor set each year by the Registrar General. The Factor allows the Registrar General to adjust the price cap in line with market conditions. In determining the Factor, the Registrar General takes into account any review of the electronic conveyancing market conducted by the Independent Pricing and Regulatory Tribunal (IPART).
The table below shows the Factor for each financial year.
Contacting the Registrar General
The contact details for the Registrar General for matters relating to the ELNO approval and conditions are:
Director, Regulation and Compliance
Office of the Registrar General
2-24 Rawson Place
Sydney NSW 2000