The Personal Property Security Act (PPSA) identifies the personal property registry as an electronic registry where notices of security interests in certain collateral should be registered to retain priority. The only other fees are those regulatory fees outlined in the General Regulation that accompany the legislation. There is a Software License fee of $200 plus applicable taxes for each copy of the software required. Existing ACOL clients are required to complete an addendum to their agreement extending access privileges to the NB PPR. ![]() ![]() Each user-ID allows access to the registry from any computer that has the ACOL Desktop software installed. ![]() This software is available in Windows 3.1x or Windows 95/98 versions. These limitations resulted in low productivity, inefficient utilization of resources, and reduced service levels to organizations and individuals in the province.Įach personal computer used to access ACOL requires an official copy of the ACOL Desktop software installed. Access to the information is time consuming, restricted to paper documents, and limited to the registry office during regular government office hours. A search against the registry files can only be completed from the one registry office. Also, the registry provides information to any prospective client who is considering the purchase of the collateral to be informed of any secured interest in it.Īfter consultation with the business community, it was understood that this type of system was less than effective. Under legislation, this registration provides protection to the secured party. There is one registry office where secured parties who hold a financial interest in certain collateral register documents. The Department of Government Services and Lands is responsible for the Personal Property Registry and supporting legislation for the province. Why Change the Personal Property Registry? It will be consistent with the legislative framework of Nova Scotia, New Brunswick and other provinces throughout the country.Įrnie McLean, Minister of Government Services and Lands, said "The reform of the Personal Property system is both a technology solution as well as an improvement to the legislation and business processes within the province." The new registry is similar to the system which was implemented in Nova Scotia on Novemand delivered through Atlantic Canada On-Line* (ACOL). The new system will substantially improve the way security interests in personal property collateral are registered with the province. to implement a new computerized province-wide Personal Property Registry system. On Septemthe Government of Newfoundland and Labrador signed an agreement with Unisys Canada Inc. The first of these events is the orientation seminars in November. This publication is issued to communicate information and events leading to the implementation of this legislation and the new supporting computerized registry system. The new Personal Property Security Act (PPSA) was proclaimed by the House of Assembly on Decemand will become effective at the end of the year. Welcome to the first edition of the PPR News – the newsletter dedicated to informing you about the significant changes planned for the Personal Property Registry (PPR) for the Province of Newfoundland.
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