The Road Ahead : February March 2012
MOTORING SECURITIES REGISTER Take the road less travelled Explore South East Queensland's beauty spots, relax in luxurious comfort and discover new experiences with a stay at one of six boutique Spicers retreats, all located less than two hours drive from Brisbane. Live like a VIP today. See www.spicersgroup.com.au or call 1300 197 660 for more details. THINKING OF BUYING a used car, motorcycle or trailer? Yes, then you first need to check that it is not encumbered. The way to do this has changed. As from January 30, instead of checking the Register of Encumbered Vehicles (REVS) or vehicle information check (Vcheck) as to whether a vehicle has a security interest over it, you will need to refer to the new national Personal Property Securities Register (PPSR). Vehicles can be searched by serial number, which is the vehicle identification number (VIN) or chassis number. Boats and other watercraft may also be searched by the hull identification number (HIN). Searches performed online will incur a nominal cost of $3.70, as the PPSR operates on a cost recovery basis only. You can choose to pay per transaction via credit card if your usage is occasional. More frequent users may select to pre-pay via enrolling a credit card (Visa or Mastercard) for a pre- determined limit of credit balance. If you request a search certificate, there is no extra cost involved, and it changes made to used car check will be available as a PDF document, which can be printed or downloaded. When purchasing a vehicle that you intend to use as security on a loan, the financier will complete a check of this register for clear title and then register your vehicle to ensure that it can't be used as security on any other loan. WHAT IS PERSONAL PROPERTY? Personal property is property other than land or buildings. It includes physical goods such as works of art, household items and furniture, electrical goods, jewellery, cars, trailers and boats, machinery and crops, as well as intangible property (for example, rights under a contract). A personal property security is when a person (the secured party) takes an interest in personal property as security for a loan or other obligation. A typical example is a personal loan that is secured against a motor vehicle. For more information, visit www. ppsr.gov.au or call 1300 007 777.
April May 2012