Is your new purchase really all yours? New National Personal Property Securities Register to commence 30 January 2012

A new national register for personal property securities will soon better help Australian consumers and businesses ensure the property they buy doesn’t have a security interest over it.

The Attorney-General, Nicola Roxon, today 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 national register will let you check that the used goods you are buying, like a car, boat or machinery—almost anything except real estate—doesn’t have a security interest over it,” Ms Roxon said.

“Nobody wants to risk repossession. This new register makes it easy and affordable to access national information for peace of mind 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.

“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.”

Advice from the Attorney-General’s Department indicates that the migration of over 4.7 million records from existing registers is progressing well. Most of those records have now been transferred to the new register, with updates to those records to follow from now until shortly before 30 January.

The existing registers transferring their data to the new register include the ASIC Register of Company Charges, the State Registers of Encumbered Vehicles 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,” Ms Roxon said.

Before the reform commences 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 www.ppsr.gov.au or by calling 1300 007 777.

Media contact: Attorney-General’s Office