The Commonwealth, States and Territories have agreed to reform the laws and systems relating to securities over all types of personal property.

The new Commonwealth Personal Property Securities legislation will establish a single national scheme governing all types of security interests over personal property. This register will replace all existing Commonwealth, State and Territory securities registers, such as REVS, the various bills of sale registers and registers of company and co-operatives charges. The register will record securities over all forms of personal property, not just vehicles and boats as with REVS.

By May 2011 REVS will have transferred to this new national Personal Property Securities Register – the PPSR. Data on REVS relating to all current security interests will be migrated to the PPSR.

What will Personal Property Securities reform mean for REVS users?
The PPSR will mean there is one single electronic system for registering any security interests over motor vehicles, boats, and all other personal property throughout Australia, and for people to search about outstanding security interests.

How will I access the PPSR?
You will access the PPSR in basically the same way that you access REVS – via the internet or by telephone. Regular users will be encouraged to establish accounts with the PPSR.

Finance industry. Banks, major finance companies, information brokers and other large scale users of the system are already working with the Commonwealth to establish direct links to the PPSR. Smaller financiers will simply use the internet to record and manage their security interests, just as they do now.

Motor dealers. Dealers will access the PPSR via the internet or telephone as they do with REVS. Dealers who currently obtain information via a broker should check that their broker will be making arrangements to link to the PPSR.

Purchasers. Instead of doing a search on REVS, you will contact the PPSR. A single search will provide national information, so you will be able to find out whether there is any debt or other interest on the vehicle or boat anywhere in Australia.

Further information
You can find out more about the details of these reforms by accessing the Commonwealth’s PPS website.

The Commonwealth provides regular PPS newsletters on that website, and REVS will also be providing updates and further information for REVS users."