Personal Property Securities Regulations finalised

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.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.