Personal property register now online

The Ministry of Economic Development said today its personal properties securities register allowing people to check on the ownership of such things as cars was now operational.

Legislation bringing the register into effect was "probably the most significant piece of legislation to affect lenders and borrowers for 20 years and establishes," the ministry said.

It sets up an electronic register where security interests in personal property may be recorded.

Maintained by the ministry, the registry replaces four separate registries: the motor vehicle securities register, the chattels register at the High Court, and the registers of company charges and industrial and provident society charges at the Companies Office.

Security interests over almost all types of personal property, other than land and ships, can now be registered in one place www.ppsr.govt.nz.

Project manager Andrew Bridgman said the Personal Property Securities Act had been introduced to increase certainty in business transactions.

Anyone can search the Personal Property Securities Register for a charge of $3.

- NZPA