Attorney-General Robert McClelland has released a draft of a Commonwealth Bill for personal property securities (PPS). It will replace over 70 pieces of Commonwealth, State and Territory law.

PPS involves taking a security interest in all types of property other
than real estate, such as for cars, boats and livestock. The
Commonwealth PPS Bill will be underpinned by a national Register so
security interests can be searched easily on one online database. It will commence in May 2010.

PPS is one of the 27 “regulatory hotspots” on the agenda of the Council
of Australian Governments Business Regulation and Competition Working
Group.

Submissions are invited by August 15th 2008.

Background: The Attorney-General’s recent speech