Page 273 - Week 01 - Thursday, 11 February 2010
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The intergovernmental agreement has led to the creation of a single national law creating a uniform and functional approach to PPS, to be supported by a single national online register of personal property securities replacing the existing array of both electronic and paper-based national, state and territory registers.
The Australian laws that govern every commercial transaction involving property other than land are being replaced with a new, different scheme based on American and Canadian models. All arrangements that use personal property to secure financing will be governed by the new law.
The new PPS laws will be supported by a national online register of PPS interests. The national personal property securities register will bring all personal property security information together in the one definitive register.
The purpose of this reform is to make consumer and business finance more efficient across all jurisdictions. Conducting this kind of financial business in different states will be easier because the same law will apply in every jurisdiction. Also, obtaining the information necessary for business and consumer financial transactions will be easy as there will be a single source in the commonwealth register.
The new system, due to commence in May 2011, will be effected by commonwealth legislation relying upon various commonwealth constitutional powers and state legislation referring power to the commonwealth.
Under the terms of the intergovernmental agreement on PPS reform, the ACT is required to amend its legislation to reflect the transfer of authority over personal property securities to the commonwealth.
The amendments contained in this bill that I am introducing today repeal existing territory law that may conflict with the commonwealth PPS act. The amendments also include provisions to maintain the integrity of ACT licensing and asset forfeiture-seizure legislation. All of these amendments have been drafted in concert with other states and territories to ensure a uniform result.
Due to the complexity of the new PPS law and the possibility of further legislative amendments by the commonwealth, it is likely that the government will need to introduce a second PPS consequential amendments bill into the Assembly later this year. I commend the bill to the Assembly.
Debate (on motion by Mrs Dunne) adjourned to the next sitting.
Education Amendment Bill 2010
Mr Barr, pursuant to notice, presented the bill, its explanatory statement and a Human Rights Act compatibility statement.
Title read by Clerk.
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