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Property register on
stream this month
A new national register for personal property securities is to open for business on 30 January.
Federal Attorney-General, Nicola Roxon said the register would help Australian consumers and businesses ensure the property they bought did not have a security interest over it.
She said stakeholders in the register, including the major banks, had confirmed they were 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.
| National protection for buyers |
“Nobody wants to risk repossession.”
She said the register would also provide additional protection for businesses that leased or supplied goods, in the event that a debtor defaulted or went 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,” Ms Roxon said.
“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.”
She said advice from her Department was that the migration of over 4.7 million records from existing registers was progressing well with most of those records transferred to the new register with updates to follow.
“The existing registers transferring their data to the new register include the Australian Securities and investments Commission’s 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,” she said.
“Businesses and individuals that hold security interests will have up to two years to register their security.”
More information is available from this PS News link.
Edition 248, 25 January 2012
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