A discussion paper has been released on the regulations proposed to be made under the Personal Property Securities Bill.

The Bill would establish a national framework for the regulation and registration of security interests in personal property. This national framework would benefit businesses, individuals and consumers by delivering more certain, consistent, less complex and cheaper arrangements for the financing of personal property.

The Bill would also establish a single national online register of personal property securities (the PPS Register). The new registration system would help prospective purchasers and lenders to determine whether personal property may be subject to a security interest and would facilitate the resolution of priority disputes. The PPS Register would replace the more than 40 existing registers currently administered by Commonwealth, State and Territory agencies.

Submissions on the Bill were invited by 15 August 2008. In light of the public consultation on the Bill it is likely that there will be some refinement to various aspects of the Bill.

The development of the PPS Register is progressing on schedule for a commencement date in May 2010.

The deadline for submissions is 17 October 2008.