The Personal Property Securities Regulations 2010 have been registered.
Amongst other things the Regulations:
- clarify the rights of an execution creditor;
- contain a new definition of “motor vehicle”: the regulations have the effect that a motor vehicle that satisfies the definition of “motor vehicle”will be taken free of a security interest in circumstances if a search of the register using the serial number does not disclose a registration on the register (section 45 of the Act);
- clarify the relationship between the enforcement provisions of the PPS Act and consumer credit legislation;
- clarify the operation of the Register;
- prescribe details to be included in a financing statement;
- set out transitional arrangements for “watercraft”.
The commencement date for the new scheme has not been proclaimed yet.