The Personal Property Securities Bill and the Personal Property Securities (Consequential Amendments) Bill 2009 were passed by Parliament on 26 November 2009 and are awaiting assent.

The new law will set up a national register of personal securities and change security types and procedures.

It will replace more than 70 different pieces of Commonwealth, State and Territory law.

It is proposed to commence in May 2011.

UPDATE Acts as passed:

Personal Property Securities Act 2009

Personal Property Securities (Consequential Amendments) Act 2009

Consolidated Personal Property Securities Act 2009 (incorporating consequential amendments)