Document ID: chunk:federal_register_of_legislation:F2022L00851:reg:7
Version: federal_register_of_legislation:F2022L00851
Segment Type: reg
Provision Reference: reg 7
Character Range: 2939–4316

7  Significant risk statement
        For section 42S(2) of the Act, the exemption in section 6 is necessary because of the significant risk arising from circumstances to consumer protection in the Territory. In other States and Territories, conveyancing activities can be undertaken by registered individuals who are not legal practitioners, for example, conveyancing agents and settlement agents. The ACT does not have a licensing scheme for conveyancing agents or settlement agents, nor is there a regulatory framework for conveyancing activities. In the ACT, conveyancing activities are undertaken by legal practitioners, regulated by the Legal Profession Act 2006 which includes provisions for occupational registration and a disciplinary framework.
Further, the ACT is unique in terms of its leasehold land title system. Specific training would be required for those relying on automatic deemed registration (ADR) to work in the Territory and there is currently no framework to deliver this.
The outlined issues create a significant risk to consumers who are buying or selling property in the Territory and who may use the services of an individual who is not a legal practitioner but is relying on their ADR to work in the Territory and who will not be regulated to ensure the high level of legal competency in relation to land transfer in the Territory is maintained.