Banking Services

Personal Property Security Reform

Australian consumer lenders have been seeking reform of the myriad of personal property securities for decades. Now that reform is real.

Legislation to reform the disparate state legislation regarding bills of sale, REVS, goods and chattel mortgages and retention of title is here. It establishes a single online national system for registering personal property securities which will enable instantaneous checking for encumbrances on personal property.

This reform affects all lenders taking security of goods and affects the way they do business. It provides an opportunity for all lenders to review their processes and take advantage of the streamlined, online registration processes.

There will also be significant changes to the law affecting priorities of competing interests in the goods.

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