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Personal property securities discussion paper released.



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ATTORNEY-GENERAL THE HON PHILIP RUDDOCK MP

NEWS RELEASE

Parliament House, Canberra ACT 2600  Telephone (02) 6277 7300  Fax (02) 6273 4102 www.ag.gov.au

24 November 2006 216/2006

PERSONAL PROPERTY SECURITIES DISCUSSION PAPER RELEASED

Attorney-General Philip Ruddock today released a discussion paper on the reform of Australia’s personal property securities laws.

More than 70 pieces of legislation currently regulate the industry across Australia.

“One Act creating a national register of personal property security interests would reduce unnecessary costs for businesses and lead to greater certainty for consumers,” said Mr Ruddock.

“At the moment, there is no quick and easy way for someone to check to see whether something they are buying, such as a car, boat or farming equipment, may already be part owned by someone else.

“Even REVs, a register relied on by car buyers across Australia, doesn’t operate in real time across all States.”

The discussion paper focuses on the proposed national register for all interested in personal property.

Consumers and industry are encouraged to comment on key areas, including privacy issues, the operation of the register, its design and its interaction with the existing regulation.

“The national register will ultimately deliver a simpler, cheaper way of doing business,’’ said the Attorney-General.

Comments are welcome on the discussion paper until 9 February 2007.

“Feedback from the discussion paper will assist in developing draft legislation,’’ said Mr Ruddock.

The discussion paper can be downloaded from www.ag.gov.au/pps.

Media Contact: Michael Pelly 0419 278 715