The Senate has passed the Personal Property Securities Bill, which affects a number of businesses including insurers.

The bill was passed on November 26, and the new Personal Property Securities Act (PPS Act) comes into effect on May 11 2011.

Replacing about 70 pieces of legislation around Australia, the Act will impact on insurers, financiers, lessors and suppliers of goods as well as insolvency practitioners.

It will set up a Federal regime for the registration of securities over personal property other than land and certain statutory licences.

This means registers such as the register of encumbered vehicles in NSW and the equivalent registers in other states and territories will cease to exist, and that the registration of interests in motor vehicles and boats will now be via a new online register.