PERSONAL PROPERTY SECURITY LAWS STREAMLINED IN THE ACT

The ACT Government has today introduced legislation to create nationally consistent laws regarding Personal Property Security, aimed to further streamline administrative processes between all jurisdictions, Attorney General, Simon Corbell said today
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"The new national approach will provide a single national online register of Personal Property Securities, replacing the existing array of electronic and paper based National, State and Territory registers," Mr Corbell said.

The Personal Property Securities Legislation Amendment Bill will contain amendments consequential to the new national scheme for Personal Property Securities.

Personal property securities are agreements that use personal property, such as an automobile, to secure payments or satisfying the requirements of a contract.

"The Australian laws that govern every commercial transaction involving property, other than land, are being replaced with a new different scheme," Mr Corbell added.

"All arrangements in Australia, that use personal property to secure financing, will be governed by the new laws.

"It is important that the ACT is in line with all other jurisdictions on this important issue, and this Bill will ensure that those who deal across borders will face less red tape."

The new system is due to commence later this year following the passage of legislation in the Legislative Assembly and following further detailed work between Australian jurisdictions.

Media Contact:

Patrick Cronan
6205 0401
0432 758 224
patrick.cronan@act.gov.au