Polye plans for security registry

By STARZA PAUL
TREASURY Minister Don Pomb Polye announced in Port Moresby yesterday there is a plan already under way to establish a Personal Property Security Registry in the country.
“The PPS Registry will give confidence to lenders and further establish priority in terms of competing collateral claims between more than one lender,” Polye said.
He said the registry would be an electronic, web-based registry that could be accessible by the public.
“Every individual will have access to this registry subject to strict processes and procedures,” he said.
“It is there for the lenders to lodge notices regarding credit financing of personal properties as well as to check lodged notices regarding credit finances.”
Polye said each notice would only contain the name and details of the lender and borrower and a description of collateral.
He said the registry would replace two existing registries, the Company Charges and Bill of Sale registries.
“These two registries are administered by the Investment Promotion Authority and National Court Registry respectively but with the introduction of the PPS, it will change.”
He announced there would be an agency administering the registry in accordance with the Personal Security Act 2011 and said he had selected the Credit and Data Bureau to administer the PPS registry.
“The primary role of the registry will be to primarily collect registration fees and ensure smooth operation of the registry for its users”.
He said in going forward with the implementation, a prototype of registry would be developed purposely for key users and other interested stakeholders to use and comment before a final version was established.