National personal property securities register |
On 30 January 2012, a national scheme governing security interests over most types of personal property commenced.
The new national Personal Property Securities Register (PPSR) consolidates security registers previously operated by the Commonwealth, State and Territory governments into a single register.
Broadly, a personal property security interest occurs when a person or company takes an interest in personal property as security for a loan. For example, a bank or money lender will hold a security interest over your car while you are paying off your car loan. The car itself is security for the loan, so if you default on your loan, the lender may repossess your car to recover their costs.
The new national register is operated by the Commonwealth Government's Insolvency and Trustee Service Australia.
The registers previously operated by Queensland which are now included in the national PPSR are:
- The Register of Encumbered Vehicles (REVS), which listed security interest held over vehicles and boats
- The Bills of Sale Register, which listed security interests over all other forms of personal property, including manufacturing equipment, cattle and crops of sugar cane
- The Register of Cooperative Charges, which included security interests of plant and equipment owned by cooperatives.
All security interests that were held on these three registers were migrated to the new national PPSR.
Accessing the PPSR
The PPSR is a computerised database that is searchable and can be updated in real time. It can be accessed:
- via the PPSR website
- by calling 1300 007 777
- by filling out an application form.
Regular users
Regular users can establish accounts with the PPSR. Banks, information brokers and financiers have direct links with the PPSR.
Police are able to create non-security interest registrations on the PPSR to alert potential buyers to impoundments and other orders affecting the property's title. Non-security interest registrations include:
- proceeds of crime - property that is under a proceeds of crime order
- hoon liens - cars that have been impounded by police
- court orders - property that has restraining orders over the transfer of the property.
Motor vehicle or boat buyers
The general public can search the register using the serial number of certain types of personal property, or by the details of the person or company who has lawful possession of the property and has granted the security interest.
So, for example, you can use the Vehicle Identification Number (VIN) of the vehicle or the Hull Identification Number (HIN) of the boat to run a search on the PPSR.
Doing so will allow you 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 on the PPSR website or by calling 1300 007 777.
Last reviewed 30/01/2012 |
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