Chattel Securities Regulations 1997

i Chattel Securities Regulations 1997 S.R. No. 93/1997 TABLE OF PROVISIONS Regulation Page 1. Objectives 1 2. Authorising provisions 1 3. Commencement 2 4. Revocation 2 5. Definitions 2 6. Prescribed purchase price amount 2 7. Fees for applications 2 8. Application to cancel registration 3 9. Prescribed changes 3 10. Certificates and fees 4 11. Multiple applications etc. 4 12. Amendment of regulation 6 5 __________________ SCHEDULE—Application to cancel an interest 6 ═══════════════ NOTES 8 -- 1 of 9 -- 1 STATUTORY RULES 1997 S.R. No. 93/1997 Chattel Securities Act 1987 Chattel Securities Regulations 1997 The Governor in Council makes the following Regulations: Dated: 16 September 1997 Responsible Minister: JAN WADE Minister for Fair Trading SHARNE BRYAN Clerk of the Executive Council 1. Objectives The objectives of these Regulations are to— (a) prescribe the purchase price amount for the purposes of section 7 of the Chattel Securities Act 1987; (b) prescribe the form relating to an application to cancel the registration of a security interest; (c) prescribe fees; (d) prescribe information that can be varied in the particulars entered in the register of security interests; (e) allow applicants under the Chattel Securities Act 1987 or these Regulations to make a number of applications, of a like kind, simultaneously. 2. Authorising provisions -- 2 of 9 -- S.R. No. 93/1997 Chattel Securities Regulations 1997 2 These Regulations are made under sections 3(7), 12 and 28 of the Chattel Securities Act 1987. 3. Commencement (1) These Regulations, other than regulation 12, come into operation on the day on which they are made. (2) Regulation 12 comes into operation on 1 January 1998. 4. Revocation The Chattel Securities Regulations 19871 are revoked. 5. Definitions In these Regulations— "certificate" means a certificate issued by the Corporation under section 24 of the Act; "registration number" means the identifying number assigned to goods under— (a) the Road Safety Act 1986; or (b) the Interstate Road Transport Act 1985 of the Commonwealth; "the Act" means the Chattel Securities Act 1987. 6. Prescribed purchase price amount For the purposes of section 7 of the Act, the sum of $20 000 is prescribed as the purchase price. 7. Fees for applications The fee payable to the Corporation for an application to register a security interest under section 16 of the Act is— (a) in the case of an application on-line and in batch— -- 3 of 9 -- S.R. No. 93/1997 Chattel Securities Regulations 1997 3 (i) if the application is made before 1 January 1998, $5.00; (ii) if the application is made on or after 1 January 1998, $5.60; and (b) in the case of an application on a magnetic tape— (i) if the application is made before 1 January 1998, $7.00; (ii) if the application is made on or after 1 January 1998, $5.70; and (c) in any other case— (i) if the application is made before 1 January 1998, $11.00; (ii) if the application is made on or after 1 January 1998, $10.20. 8. Application to cancel registration The prescribed form of an application to cancel the registration of a security interest under section 18 of the Act is set out in the Schedule. 9. Prescribed changes For the purposes of section 22 of the Act, the prescribed changes are— (a) a change in the particulars entered in the register in order to correct a clerical error; (b) a change in the registration number effected in accordance with the relevant Act under which the number was assigned; (c) the removal of the engine of a registered motor vehicle and the substitution of that engine with another engine; (d) a change directed to be made by order of a court of competent jurisdiction. r. 8 -- 4 of 9 -- S.R. No. 93/1997 Chattel Securities Regulations 1997 4 10. Certificates and fees (1) The fee payable in respect of an application under section 24(1) of the Act is— (a) if the customer has an account with the Corporation— (i) if the application is made before 1 January 1998, $6.00; (ii) if the application is made on or after 1 January 1998, $6.40; and (b) in any other case— (i) if the application is made before 1 January 1998, $7.00; (ii) if the application is made on or after 1 January 1998, $7.50. (2) Subject to sub-regulation (3), the fee must be paid at the time that the application is made. (3) If the Corporation is satisfied that a person is likely to make more than one application for a certificate under section 24 of the Act in a calendar month, the Corporation may authorise the person in writing to pay the fees in respect of applications made during each calendar month within 14 days after the end of that calendar month. (4) The Corporation may by notice in writing given to the person to whom it has given written authorisation under sub-regulation (3), revoke that authorisation in respect of applications made after the date specified in the notice, being not less than 14 days after the date on which the notice is given. 11. Multiple applications etc. r. 10 r. 11 -- 5 of 9 -- S.R. No. 93/1997 Chattel Securities Regulations 1997 5 A person may make a number of simultaneous applications of a like kind under the Act or these Regulations— (a) on-line and in batch; or (b) on a magnetic tape; or (c) in any other manner— but each application is a separate application for the purposes of the Act or these Regulations. 12. Amendment of regulation 6 (1) In regulation 6, for "$20 000" substitute "$30 000". (2) The amendment made by sub-regulation (1) does not apply to or in respect of a purchase or purported purchase made before the commencement of this regulation. __________________ -- 6 of 9 -- S.R. No. 93/1997 Chattel Securities Regulations 1997 6 SCHEDULE Regulation 7 STATE OF VICTORIA Chattel Securities Act 1987 APPLICATION TO CANCEL AN INTEREST To the Roads Corporation: This application is made to cancel the registration of the following security interest— Reference Number: Account Number: The security interest is— * An interest of a mortgagee in goods; * An interest of a lessor in goods; * An interest of an owner of goods under a hire-purchase agreement. The security interest is held by— * An individual— Full Name : Address : Telephone number : Signature : Date : * A body corporate— Name of Body corporate : A.C.N. : Address of principal place of business : Name of Officer with authority to make this application: Telephone number : Sch. -- 7 of 9 -- S.R. No. 93/1997 Chattel Securities Regulations 1997 7 Signature : Date : *Delete inapplicable words. ═══════════════ Sch. -- 8 of 9 -- S.R. No. 93/1997 Chattel Securities Regulations 1997 8 NOTES 1 S.R. No. 192/1987. Reprinted to S.R. No. 28/1994 and continued in force by S.R. No. 71/1997. Notes -- 9 of 9 --