Page 1731 - Week 07 - Tuesday, 29 May 1990
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SCRUTINY OF BILLS AND SUBORDINATE LEGISLATION - STANDING COMMITTEE
Report
MS MAHER (9.21): I present the following report:
Scrutiny of Bills and Subordinate Legislation - Standing Committee - Report No. 7 of 1990, dated 10 May 1990.
I seek leave to make a brief statement on the report.
Leave granted.
MS MAHER: The report that I have just tabled details the committee's comments on the Police Offences (Amendment) Bill 1990, the Supply Bill 1990-91 and the Stamp Duties and Taxes (Amendment) Bill 1990. Pursuant to the committee's resolution of appointment, this report was circulated to members on 10 May 1990, and I commend it to the Assembly.
REGISTRATION OF INTERESTS IN GOODS BILL 1990
MR COLLAERY (Attorney-General) (9.22), by leave: I present the Registration of Interests in Goods Bill 1990. I move:
That this Bill be agreed to in principle.
I am sure members are fully aware of the role that motor vehicles play in today's society. For many people, they are a necessity for employment and mobility. The acquisition of a motor vehicle represents a major financial commitment, as most vehicles now purchased are financed by credit.
Unfortunately, the present law does not adequately protect some consumers who may purchase a car in good faith, only to find out at a later date that the vehicle is subject to a bill of sale, mortgage or some other financial interest. In such a case, a consumer becomes aware of the existence of the encumbrance only when the vehicle is being repossessed. The consumer is then faced with the possibility of losing the vehicle or is saddled with the additional burden of paying off the debt incurred by the previous owner. Any legal redress that the consumer may have would usually involve prolonged legal action with additional legal costs. In some cases, the consumer will not have any remedy at all, as the original owner may have left the Territory and cannot be found.
The Registration of Interests in Goods Bill 1990 seeks to remedy this injustice to consumers by allowing interests arising under Territory law to be recorded on the New South Wales register of interests in goods. In effect, the Bill will introduce into the Territory the scheme of registration of interests in goods operated in New South Wales under the Registration of Interests in Goods Act 1986 (NSW). This
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