About PPSR

PPSR stands for Personal Property Securities Register. Personal Property Security (PPS) reform brings the different Commonwealth, State and Territory laws and registers regarding security interests in personal property under one national system. PPS reform introduces the Personal Property Securities Act 2009 (Cth) and a single national online PPS Register.

What is personal property?

Personal property is any property other than land. It includes tangibles such as goods, crops and livestock, intangibles such as licenses, investment instruments, negotiable instruments and accounts.

What are personal property securities?

A personal property security is when a secured party takes an interest in personal property as security for a loan or other obligation, or enters into a transaction that involves the supply of secured finance.

An example is when a person borrows money from a bank and offers it as security for the loan. The bank’s interest over the collateral is a personal property security.

Why reform Personal Property Securities?

Currently, the law and practice about personal property securities differs between each State and Territory within Australia. More than 70 Commonwealth, State and Territory Acts regulate personal property securities. As a result, the law and practice concerning a particular personal property security vary. This uncertainty unnecessarily increases the cost transactions involving personal property securities.

Introducing a national Personal Property Securities Register will bring all of this information together into one national system. The aim of the PPS Reform is to improve the ability of individuals and businesses, to use all their property in raising capital. Personal property securities reform has been successful in the United States, Canada and New Zealand.

Registration Commencement Time

The PPS Act and PPS Register are scheduled to start in January 2012.

What is the PPS Register?

The PPS Register is a single, national online register. Secured parties and potential secured parties will be able to use it to search for and register security interests in personal property. The Register will be web based, available in real time and accessible 24 hours a day, 7 days per week.

The Register will replace numerous State, Territory and Commonwealth electronic and paper registers. Existing information on these registers will be migrated to the PPS register.

The PPS Register will allow lenders and businesses to register their security interests. Secured parties, buyers and other interested parties can search the PPS Register to find out if a security interest is registered over the personal property.

What happens to existing security interest registers?

As a result of PPS Reform a number of existing Commonwealth, State and Territory personal property security registers will close. Interests registered on existing security interest registers will be migrated to the national PPS Register. The registers affected are as follows.

Commonwealth
  • Australian Register of Ships
  • ASIC - Register of Company Charges (including provisional charges)
  • Fisheries Register
New South Wales
  • Register of Encumbered Vehicles (REVS NSW)
  • Security Interest of Goods Register
  • Registers of charges for co-operatives and co-operative housing societies
Queensland
  • Register of Encumbered Vehicles (REVS Qld)
  • Register of Security Interests and Liens
  • Register of Co-operative Charges
South Australia
  • Vehicle Securities Register
  • Bills of Sale Register, Stock Mortgages and Wool Liens Register and the Liens on Fruit Register
  • Register of Co-operative Charges
Tasmania
  • Register of Bills of Sale, Stock, Wool and Crop Mortgages and Co-operative Charges
  • Register of Vehicle Security Interests
Victoria
  • Vehicle Securities Register
  • Register of Liens on Crops and Liens on Wool and Stock Mortgages
  • Register of Co-operative Charges
Western Australia
  • Register of Encumbered Vehicles (REVS WA)
  • Bills of Sale Register
Australian Capital Territory
  • Register of Encumbered Vehicles (REVS ACT)
  • General Register of Deeds and Instruments
  • Register of Co-operative Charges
Northern Territory
  • Register of Interests in Motor Vehicles and Other Goods
  • Bill of Sale, Stock Mortgages and General Register
  • Register of Co-operative Charges
Will the PPS Register protect my privacy? Do I have a responsibility to protect others privacy?

The PPS Register will contain very little personal information. A person will be able to search the PPS Register to determine whether personal property is subject to an actual or prospective security interest. Searching the PPS Register for any other reason will be unlawful. The Act will deem unlawful searches to be a breach of the Privacy Act 1988 (Commonwealth) which can be investigated by the federal Privacy Commissioner.

How can I make entries on the Register?

Anyone will be able to register personal property on the PPS Register. Generally, the person who makes a ‘registration’ will be the secured party or its agent.

It will be possible to make entries on the PPS Register over the internet using a web browser. Business users will be able to submit registrations via a B2G (business to government) channel employing XML. Business users can engage third parties like Veda Advantage to assist in migration to the new register.

Registrants would provide information about the secured party, the person who is or has granted the security interest and the collateral that is or would be the subject of the security interest. The registration will need to describe the property so that it can be readily identified by any other person who searches the PPS Register.

Upon registration, a verification statement will be sent to the registrant showing details of the registration.

How can I search the PPS Register?

Users will be able to search the Register by entering their search criteria on the website.

For the latest developments on PPSR, visit www.ppsr.gov.au

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