Lend your thoughts and contribute to the Government’s statutory review of the Personal Property Securities Act.
Dealers around Australia now have the opportunity to add their input to the review of the Personal Properties Securities Act 2009 (PPS Act), which will soon be put under the microscope.
Announced by Attorney-General, Senator George Brandis QC, submissions will close on June 6, with an interim report on the issues raised by Dealers and other business operators to be released by the end of July.
Designed to improve the ability of businesses and individuals in securing lending with personal property, the PPS Act has brought a number of advantages to small-medium business owners, particularly Australian Dealers.
The PPS Act, which commenced on January 30, 2012, formed a radical national system for the creation, registration, priority and enforcement of security interests in personal property. The PPS Act created uniform legislation across the country, replacing over 195 Acts and regulations and 70 registers. Typical examples of ‘personal property’ include cars, inventory, machinery, shares and livestock.
Before the PPS Act, rules for security interest were different across the nation; each state had its own personal property scheme. This made for a more complicated and costly experience for businesses and individuals, with overlapping laws often causing unnecessary expenditure.
As part of the reform, the Personal Properties Securities Register (PPSR) was created – a single online hub where individuals and businesses are able to record and access their security interests as well as search more than seven million registrations.
As part of the PPS Act statutory review, particular attention will be focused on the experiences of small businesses. This includes the impact that the PPS Act has on businesses and consumers as well as how deeply they are aware of and understand the PPS Act.
The Government will also look for opportunities to reduce regulatory and administrative burdens as well as make changes to improve the efficiency of the scheme.
The final report, due on 30 January 2015, will make recommendations on how to improve and simplify the PPS Act where possible.
The AADA is currently planning a submission on behalf of Australian dealerships, using Dealer feedback. If you’d like to contribute your voice and raise issues about your experience with the PPS Act, get in contact with AADA Policy Director, Michael Deed (mdeed@aada.asn.au).