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A GUIDE TO THE PERSONAL PROPERTY SECURITY REGISTRATION SYSTEM:
What is the Personal Property Security Registration (PPSR) System?
The PPSR system records and reproduces information concerning consumer and business loans where goods and other personal property are used as collateral to secure loans. For example, a person buys a car and borrows money from a bank to pay for it. The borrower and the bank enter into an agreement giving the bank rights to the car if the borrower does not repay the loan. The system also records and reproduces information concerning repair and storage liens.
How does the PPSR system work?
Lenders and borrowers enter into what are called "security agreements." The lender registers a "notice" of the agreement in the PPSR system. This is done by completing and submitting a document called a "financing statement" to the Companies and Personal Property Security Branch of the Ministry of Consumer and Business Services. The information is then recorded by the branch in a computer file and is available for searching by potential lenders and buyers. Within 30 days of registering the financing statement, the lender must provide the borrower with details of the registration. If there is an error in the registration, the borrower should advise the lender so that a correction can be made.
Personal Property Security Act (PPSA) Canada-wide Service
A national service providing PPSA services for every province and territory.
Searches: $25.00*
Certified Copies: $15.00*
Registrations
A PPSA/RSLA registration provides a creditor secured interest for payment or performance of an obligation.
