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Checking bus bona fides

A new national Personal Property Securities Register could verify whether the bus you buy is unencumbered

January 20, 2012

Checking the third-party financial status of vehicles will soon become a much simpler process with the new national Personal Property Securities Register (PPSR).

South Australia’s Department of Planning Transport and Infrastructure (DPTI) Acting Director, Registration and Licensing, Ron Shanks says Australian and State Governments have worked together to deliver the new PPSR.

“The new PPSR will provide a national, web-based system of regulation and registration of personal property securities that allows 24/7 access,” he says.

“This national initiative will provide a single Australia-wide register for third-party financial interests about most types of personal property, including vehicles.”

Shanks says harmonising the law and practice on personal property securities in this way through a single national Act, supported by a single national online register, will generate benefits for business and consumers.

“This new system will streamline the interaction of business across jurisdictional borders by cutting the red tape required for the financial services industry,” he says.

“It will better protect consumers by enabling them to easily check the third-party financial status of goods before, for example, purchasing a second-hand vehicle or boat irrespective of where the item is located.

“And interest holders will be better protected by ensuring that their interests, once registered with PPSR, are protected nationally.”

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