Personal Property Securities Bill 2009 introduced

The Attorney-General, Robert McClelland,has introduced the Personal Property Securities Bill 2009 into Parliament. Its object is to create a comprehensive national system of personal property securities (PPS) law.

PPS law governs how personal property may be used as security for a loan.

When passed this Bill will replace more than 70 different pieces of Commonwealth, State and Territory law.

The new law will be supported by a referral of power from the States and a national online register of PPS interests.

Last week, New South Wales became the first State to refer their power in this area to the Commonwealth.

A copy of the text of the Bill attached to the NSW referral can be downloaded here.

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