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.
The PPSR replaced numerous State, Territory and Commonwealth electronic and paper registers, such as REVS and ASIC charges.
Previously, the law and practice about personal property securities differed between each State and Territory within Australia. More than 70 Commonwealth, State and Territory Acts regulated personal property securities.
As a result, the law and practice concerning a particular personal property security varied. This created uncertainty and unnecessarily increased the cost of transactions involving personal property securities.
Introducing the national PPSR brought most of this information together into one national system.
The aim of the personal property securities 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.