Overview
We gathered feedback from stakeholders to ensure recommended updates to the Personal Property Security Act reduce red tape and unnecessary burden, and, as much as possible, align with changes in other Canadian jurisdictions and judicial decisions made since the Act was created.
The Personal Property Security Act was introduced in 1990. Changes made across other Canadian jurisdictions over the past 30 years have resulted in provinces and territories having different rules, which has increased the potential for confusion, error and uncertainty.
The Personal Property Security Act sets out the legislative requirements for registering and searching an interest in the Alberta Personal Property Registry Electronic System, including registrations authorized under other Acts. It also regulates the relationship between secured parties and debtors when personal property is used as collateral to secure payment of a debt or performance of an obligation.
Timeline
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Open
April to May 2022
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Results under review
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Completed
Who is listening
Ministry of Service Alberta and Red Tape Reduction
Input received
Get informed
Proposed changes have been informed by recommendations from the Canadian Conference on Personal Property Security Law and the Alberta Law Reform Institute’s recent consultation and completion of the Personal Property Security Law, Final Report 116.
Stakeholder engagement
Stakeholders had the opportunity to submit written feedback and key representatives from the Alberta Law Reform Institute, legal community, financial institutions, debtor/bankruptcy counselling groups, car dealerships and civil enforcement agencies were contacted to participate in targeted focus groups to help inform potential changes to the Personal Property Security Act.
We also conducted a comprehensive consultation with other Canadian jurisdictions.
Outcomes
Stakeholder feedback will help inform potential updates to legislation and policy.