Digital Mortgage & Loan Agreements - UCCC

The path to creating a uniform digital mortgage & loan regime in Australia is riddled with hurdles created by some states embracing the Electronic Transactions (ET) Act and other states specifically exempting the UCCC from the key ET Act.

As at July 2006:
The following states have embraced the acceptance of the digital mortgage & loan (by not creating a specific exemption under their local ET Act) -

• Victoria


• Tasmania


• ACT

The States that look to be transitioning to accept -

• New South Wales - amendments have been passed


• South Australia


• Queensland


• Western Australia

I certainly stand to be corrected on the status of the above. But what goes? Uniform Consumer Credit Code is really a tautology. But really, we have yet to see a Financial Institution embrace any form of digital or electronic mortgage or loan contract. I am certain however this will change.