The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to amend the Personal Property Securities Act 2009 (the PPS Act) so that leases of serial numbered goods of 90 days or more will no longer be deemed to be PPS leases for the purposes of the PPS Act. This is intended to simplify the deeming provisions in the PPS Act and minimise the need for small and medium hire businesses to make registrations in respect of leases of a term of less than 12 months.
The change will bring the PPS Act into alignment with PPS regimes in other common law countries (such as New Zealand and Canada) where a lease is deemed to be subject to PPS laws where the lease is for more than 12 months or an indefinite term. To the extent their activities cross over into these jurisdictions, the Government considers this alignment may have benefits for Australian financiers, businesses and legal practitioners. The change will not materially affect the status of the Personal Property Securities Register as a record of interests in personal property.
[LTN 53, 19/3/14]