Personal Property Securities Regulations 2010
Select Legislative Instrument No. 291, 2010
made under the
Personal Property Securities Act 2009
Compilation No. 6
Compilation date: 1 July 2022
Includes amendments up to: F2022L00469
Registered: 1 July 2022
About this compilation
This compilation
This is a compilation of the Personal Property Securities Regulations 2010 that shows the text of the law as amended and in force on 1 July 2022 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1—Preliminary
Division 1—Preliminary
1.1 Name of Regulations
Division 2—General application of the Act
1.3 Application of the Act to external Territories
1.4 Interests to which the Act does not apply
1.5 Interests to which the Act applies
Division 3—Definitions
1.6 Definitions
1.7 Meaning of motor vehicle
1.8 Meaning of security interest
1.9 Meaning of PPS lease
1.10 Meaning of investment instrument
Part 2—General rules for security interests
2.1 Taking motor vehicles free of security interests
2.2 Taking motor vehicles from prescribed persons
Part 3—Specific rules for certain security interests
Part 4—Enforcement of security interests
4.1 Relationship with consumer credit legislation
Part 5—Personal Property Securities Register
5.1 Access to register
5.2 Notification of suspension of access to register
5.3 What the register contains
5.4 Prohibited registration
5.5 Financing statements
5.6 Verification statements—publication as alternative
5.7 Access to the register prohibited
5.8 Search—criteria
5.8A Access to third party data—third party
5.9 Administrative process—statements in relation to amendment demand
5.10 Removal of data
Part 6—Judicial proceedings
Part 7—Operation of laws
7.1 Concurrent operation of provisions of Corporations Act 2001—resolution of inconsistency
Part 8—Miscellaneous
Part 9—Transitional provisions
9.1 Transitional…
Overview
The Personal Property Securities Regulations 2010 were enacted to provide the necessary legislative framework for the implementation of the Personal Property Securities Act 2009 (PPSA). This Act was introduced by the Parliament of Australia to streamline and modernize the regulation of personal property securities, such as loans secured by movable assets like vehicles and machinery. The regulations under the PPSA aim to ensure clarity and efficiency in the creation, registration, and enforcement of security interests in personal property. The Personal Property Securities Regulations 2010, as a legislative instrument, detail the specific rules and procedures for the administration of the PPSA, covering aspects such as the registration of security interests, the operation of the Personal Property Securities Register, and the enforcement of security interests. These regulations are instrumental in addressing the complexities associated with traditional systems of personal property security and aim to enhance transparency and accessibility in the market for personal property securities.
Scope and Application
The Personal Property Securities Regulations 2010 apply to the Personal Property Securities Act 2009 (PPSA) and establish rules and procedures for the administration of the PPSA. The regulations apply to personal property, including motor vehicles, aircraft, watercraft, and other goods, as well as security interests and prescribed property. The regulations cover a range of topics, including the definition of terms, the registration of security interests, the operation of the Personal Property Securities Register, and the enforcement of security interests. The regulations also set out the circumstances in which certain interests do not apply to the PPSA, such as interests in personal property mentioned in the Taxation Administration Act 1953, interests in an authority, lease, licence or permit created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006, and interests in a company that is incorporated under the Companies Act 1985 of the Territory of Norfolk Island and not registered under Part 5B.2 of the Corporations Act 2001. The regulations also establish procedures for the resolution of inconsistencies between the PPSA and other laws, such as the Corporations Act 2001.
Key Provisions
- The Personal Property Securities Regulations 2010 establish key provisions under the Personal Property Securities Act 2009. They define the scope of the Act, including its application to external territories and specific exclusions. The Regulations provide definitions for terms such as 'motor vehicle', 'security interest', and 'PPS lease', which are crucial for interpreting the Act's provisions. They also outline rules for taking motor vehicles free of security interests, especially from prescribed sellers or lessors, and specify the circumstances under which certain security interests can be established. Enforcement of security interests is addressed, with provisions aligning with consumer credit legislation. The Regulations detail the operation of the Personal Property Securities Register, including access, prohibited registrations, and the criteria for searches. They also specify the penalties for non-compliance with the Act, which can include fines and imprisonment. The Regulations impose obligations on entities such as registering security interests, providing accurate information, and complying with search criteria and prohibited access to data. Failure to comply with these obligations can result in civil or criminal consequences, including fines and imprisonment.
- Area of Law
- Commercial Law
- Property Law
- Instrument
- Regulation
- Concepts
- Definitions & Interpretation
- Repeal & Amendment
- Regulatory Standards
- Reporting & Disclosure Obligations
- Licensing & Registration
- Transitional Provisions
