In a development expected to significantly change commercial and consumer banking, a new $18 million online register of personal property securities will be a step closer to becoming law tomorrow with the release of a Senate inquiry's final report, according to The Australian Financial Review.
The national register aims to rationalize more than 70 pieces of federal, state and territory legislation and more than 40 different personal property registers.
It will allow consumers and business to check on the register whether personal property has been encumbered by a lien, mortgage or other financial restriction.
The final report is expected to address concerns about privacy and some technical legislative arrangements raised by the Privacy Commissioner and legal experts.
Groups such as the Consumer Action Law Centre and the Australian Bankers' Association have added their support to the proposed laws.
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