International Law

Are you affected by the Personal Property Securities Act?

By David Jacobson

When the Personal Property Securities Register commences in May 2011 it will have a significant operational and legal effect on any business that provides credit to commercial or consumer customers on non-land security.

Who does it affect?
If you are a
? Lender
? ADI
? Equipment Lessor
? Manufacturer
? Wholesaler
? Distributor
? Franchisor
? Securitiser
? Retailer
? Consignor
? Buyer of accounts receivable
? Inventory financier
? Farmer
? Builder
? Insurer
? Secured party
? A trustee
? Pawnbroker
and you
? take or give fixed and floating charges
? give long term and finance leases
? take chattel mortgages
? enter retention of title arrangements
? make commercial consignments
? factor debts
? make conditional sales
? accept pledges
? provide hire purchase
? provide credit on sales
? take mortgage-backed securities
? enter repurchase agreements
? take guarantees
then your business will be affected.

Now is the time to start preparing for the changes to your credit policies and systems.

We have set up a specialist site here.

You can subscribe to our specialist Personal Property Securities RSS Feed here or to email updates here.

If you are an existing subscriber to our Langes+ combined email or feed then PPS updates will be automatically included.

Full post as published by Australian Regulatory Compliance Review on September 04, 2010 (boomark / email).