Mr WETTENHALL (Barron River-ALP) (11.57 am): I was looking forward to giving comprehensive overview of this important new legislation, but the member for Morayfield has covered very eloquently, as he always does, some of the key points and that will enable me to be a little shorter than I
had planned.

The introduction of the personal property securities law reform will benefit Queensland consumers. It is that issue that I will concentrate on.

When buying second-hand personal property, such as a car or a boat, the relevant register of encumbrances-currently the Register of Encumbered Vehicles, or REVS as it is known in Queensland-should be searched to see if there is any money owing on the property.

If an item of personal property is purchased and a debt remains on that property, the property could be repossessed and the new owner would not be compensated.

The biggest advantage to consumers under these reforms will be the cost and time savings from being able to access a single national register on which can be recorded security interests on all types of personal property.

Searching the new PPS Register will be cheaper, particularly where searches need to be conducted across a number of registers. This will save consumers time and provide comprehensive results.

The PPS Register will also offer improvements in availability and access than currently afforded by the existing state based registers throughout Australia. This is of particular importance to Queensland's rural and regional
residents.

The register will provide an online, web based noticeboard and it will be available in real time and accessible 24 hours a day, seven days a week.

This means that the PPS Register will be available weekends and public holidays, which are busy days for the trading of second-hand motor vehicles and boats which frequently have security interests recorded. Information retrieved from the register will be available immediately, unlike information from some existing registers which are only paper based.

Anyone can register an interest they propose to secure or have secured over personal property using a web browser or on the internet. Searches will also be able to be conducted on the internet with a web browser.

For searches on serial numbered consumer property such as motor vehicles and boats, there is the added access of using SMS or interactive voice responses. Information brokers will also continue to provide their services should a consumer not have access to, or does not wish to use, the technology based access points.

In summary, these reforms do provide important benefits and advantages for
consumers.

I commend the bill to the House.