National personal property securities register |
|
|
In 2011, new Commonwealth legislation will establish a single national scheme governing all types of security interests over personal property.
A national register of Personal Property Securities (PPS) will replace all existing Commonwealth, State and Territory registers, such as REVS, the various bills of sale registers and the register of cooperative and company charges.
The register will record securities over all forms of personal property, not just vehicles and boats as with REVS. All current security interests on REVS will be migrated to the new national Personal Property Securities Register (PPSR) by May 2011.
Accessing the PPSR
You will be able to access the PPSR in the same way that you access REVS, via the internet or by telephone. Regular users will be encouraged to establish accounts with the PPSR.
Finance industry
Banks, major finance companies, information brokers and other large scale users of the system are already working with the Commonwealth to establish direct links to the PPSR. Smaller financiers will simply use the internet to record and manage their security interests, just as they do now.
Motor dealers
Dealers will access the PPSR via the internet or telephone as they do with REVS. Dealers who currently obtain information via a broker should check that their broker will be making arrangements to link to the PPSR.
Purchasers
Instead of doing a search on REVS, you will contact the PPSR. A single search will provide national information, so you will be able to find out whether there is any debt or other interest on the vehicle or boat anywhere in Australia.
Further information
You can find out more about the details of these reforms by accessing the Commonwealth’s PPS website.
Last reviewed 02/10/2009 |
 |  |  |
Other languages