finPOWER Connect PPSR Update July 2011
The PPSR is coming!
The PPSR (Personal Property Security Register) is an Australian Government initiative to reform Securities legislation as we know it. These reforms look to standardise and rationalise all the different Commonwealth, State and Territory laws and Registers into one national system for registering security interests against personal property. This means that a single search on a single register will provide a national result for any security interests in any personal property – whether it be tangible items such as cars, art, machinery and crops; or intangibles such as intellectual property and contract rights or even a floating charge against a company or individual.
From October 2011, any security interests you have in Personal Property will need to be registered on the PPSR to ensure your rights are maintained and enforceable. The PPSR will have a wide ranging effect on everyone in the finance industry and there are just over 100 days before it comes into effect. For more information click here.
What happens to REVS?
All the State REVS registers will be closed to new entries from October this year. From that point on, all new security registrations on Motor Vehicles must be undertaken on the PPSR. If you are not registered to use the PPSR and do not have your systems in place to comply with it, you may lose your Priority on that vehicle. Not only will the REVS close, but from October, all Company charges held at ASIC will be moved to the PPSR as will numerous other state Registers. To find out which registers click here.
Know your Lingo
Do you know your Personal Property from your Collateral Classes, your Priority from your Perfection and your Grantor from your Secured Party . The PPSR introduces a whole new language that you will need to be aware of before its introduction on October 2011. For a brief guide to the new terminology you need to know click here.
What has finPOWER Connect got to do with the PPSR?
finPOWER Connect is a loan management system that has had years of experience in dealing with the PPSR in NZ and it is now ready for the Australian PPSR. Intersoft Systems Ltd, the developers of finPOWER Connect, have been working since the start of the year to update the system. These improvements ensure you will have a system that will not only allow you to register your Security Interests on the PPSR with the click of a button but makes sure the ongoing management of those registrations is as easy as the initial registration.
The PPSR modules of finPOWER Connect are fully integrated into the core loan management system proving seamless processing of applications, PPSR registrations, payment processing and full credit control. For more information click here.