Page MP Welcomes New National Personal Property Register
Page MP Janelle Saffin has welcomed a new national register for personal property securities (PPS) which will help Australian consumers and businesses ensure the property they buy doesn’t have a security interest over it.
The Federal Government has announced the new register will open for business on 30 January 2012. Stakeholders, including the major banks, have confirmed that they are ready to proceed.
“The new register will allow you to check that the goods you are considering buying, like a car, boat or machinery—almost anything except real estate—doesn’t have a security interest over it,” said Ms. Saffin
“Nobody wants to goods they have bought in good faith to be repossessed. This new register provides easy and affordable access to information before you purchase.
The new register will also provide additional protection for businesses that lease or supply goods, in the event that a debtor defaults or goes bankrupt.
“The national register will replace more than 70 different Commonwealth, state and territory acts and registers used to regulate personal property used as security,” said Ms. Saffin.
“The simplification of all these different registers will help make secured financing more accessible and reduce transaction costs, making lenders more willing to accept different kinds of personal property as security for loans.”
The existing registers transferring their data to the new register include the ASIC Register of Company Charges, the State Registers of Encumbered Vehicles (REVS) and Vehicle Securities Registers, and various other Bills of Sale, stock mortgage and crop lien registers.
Businesses and individuals that hold security interests will have up to two years to register their security.
“Business can get ready to use the national register before it opens for business on 30 January by setting up their accounts from now until 15 January,” said Ms. Saffin.
Prior to the reforms commencing on 30 January, the Government will continue to communicate with business and consumers about the changes through advertisements on national radio, online and in print media.
Further information on PPS reform and access to the new register is available at http://www.ppsr.gov.au/ or by calling 1300 007 777.
6 January, 2012