A new Personal Property Security (PPS) Register will be introduced from October 2011.
Currently the States, Territories and the Commonwealth Government all have different registers with different rules for personal property.
Personal property is considered to be any form of property other than land, buildings or fixtures which form a part of that land. It can include cars, art, machinery and crops as well as intangibles such as intellectual property and contract rights.
The PPS Law governs how personal property may be used as security for a loan and the PPS Register will allow lenders and businesses to register their security interests.
Secured parties, buyers and other interested parties will be able to search the PPS Register to find out if a security interest is registered over the personal property.
The aim of the new PPS Reform is to bring the Federal, State and Territory laws and registers under one national system.
How will this affect Queensland?
In Queensland the new PPS will replace the current Register of Encumbered Vehicles (REVS Qld) and Bills of Sale Register (including Register of Liens on Crops of Sugar Cane and the Register of Cooperative Charges).
The new national PPS Register will be available online, updated in real time and able to be publicly accessed. All current State and Territory registers will be migrated to the new national PPS Register.