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Queensland
MOTOR VEHICLES
SECURITIES AND OTHER
ACTS AMENDMENT BILL 2003
Queensland
MOTOR VEHICLES SECURITIES AND
OTHER ACTS AMENDMENT BILL 2003
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2 Commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 2--AMENDMENT OF MOTOR VEHICLES SECURITIES
ACT 1986
3 Act amended in pt 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
4 Replacement of title. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
5 Replacement of s 1 (Short title). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
6 Amendment of s 5 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
7 Insertion of new s 5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
5A Meaning of "motor vehicle" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
8 Insertion of new s 5C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
5C Application of declared sections . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
9 Amendment of s 6 (Register) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
10 Amendment of s 7 (Application for registration, or renewal of
registration, of security interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Amendment of s 7A (Registration of confiscation orders) . . . . . . . . . . . . . . 11
12 Amendment of s 8 (Application for assignment of a registered
security interest) ........................................... 11
13 Omission of s 11 (Effect of failure to register a security interest) . . . . . . . . 11
14 Replacement of s 12 (Priority of security interests) . . . . . . . . . . . . . . . . . . . 12
12 Priority of security interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
15 Amendment of s 14 (Application for discharge of registered
security interest) ........................................ 13
16 Amendment of s 17 (Onus to cancel registration on discharge) . . . . . . . . . . 13
17 Replacement of s 18 (Rectification of register). . . . . . . . . . . . . . . . . . . . . . . 13
18 Rectification of register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
18 Replacement of s 22 (Security interest certificate) . . . . . . . . . . . . . . . . . . . . 15
22 Security interest certificate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
19 Replacement of s 23 (Inspecting the register) . . . . . . . . . . . . . . . . . . . . . . . . 16
23 Inspecting register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
20 Amendment of s 26 (Extinguishing of security interest) . . . . . . . . . . . . . . . 17
21 Insertion of new s 26A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
26A Revival of extinguished security interest . . . . . . . . . . . . . . . . . . . . . . 18
22 Amendment of s 27 (Purchases to which s 26 does not apply). . . . . . . . . . . 18
23 Amendment of s 28 (Compensation for loss etc. by holder of
security interest) ......................................... 19
24 Replacement of s 30 (Compensation for loss etc. by purchaser) . . . . . . . . . 19
30 Effects of incorrect certificate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
25 Insertion of new s 40 and pt 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
40 Approved forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
PART 7--TRANSITIONAL PROVISIONS FOR MOTOR VEHICLES
SECURITIES AND OTHER ACTS AMENDMENT ACT 2003
41 Definitions for pt 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
42 Registration of security interest under Bills of Sale and Other
Instruments Act 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
43 Chief executive to register transferred security interest. . . . . . . . . . . 22
44 Transitional rules for deciding priority of security interests . . . . . . . 22
26 Insertion of new s 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
47 Validation for particular fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
PART 3--AMENDMENT OF BILLS OF SALE AND OTHER
INSTRUMENTS ACT 1955
27 Act amended in pt 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
28 Replacement of s 7 (Application of pt 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
7 Application of pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
29 Insertion of new pt 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
3
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
PART 7--TRANSITIONAL PROVISION FOR MOTOR VEHICLES
SECURITIES AND OTHER ACTS AMENDMENT ACT 2003
57 Ending registration of security interest in boat or outboard motor . . 24
PART 4--OTHER AMENDMENTS AND REPEAL
30 Minor and consequential amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
31 Repeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . 26
MINOR AND CONSEQUENTIAL AMENDMENTS
ELECTRONIC TRANSACTIONS (QUEENSLAND) ACT 2001 . . . . . . . . 26
FAIR TRADING ACT 1989 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
MOTOR VEHICLES SECURITIES ACT 1986 . . . . . . . . . . . . . . . . . . . . . . 26
POLICE POWERS AND RESPONSIBILITIES ACT 2000. . . . . . . . . . . . . 30
PROPERTY AGENTS AND MOTOR DEALERS ACT 2000 . . . . . . . . . . . 30
TRANSPORT OPERATIONS (ROAD USE MANAGEMENT) ACT 1995 31
2003
A BILL
FOR
An Act to amend the Motor Vehicles Securities Act 1986 and the Bills of
Sale and Other Instruments Act 1955, and for other purposes
s1 6 s2
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
The Parliament of Queensland enacts-- 1
PART 1--PRELIMINARY 2
1 Short title
Clause 3
This Act may be cited as the Motor Vehicles Securities and Other Acts 4
Amendment Act 2003. 5
2 Commencement
Clause 6
(1) The following provisions commence on assent-- 7
· section 3 8
· section 6(1) and (2) (to the extent it inserts the definitions 9
"approved form" and "motor vehicle") 10
· sections 7 and 8 11
· section 9(2) and (3) 12
· section 15(2) and (3) 13
· sections 16 and 19 14
· section 25 (to the extent it inserts new section 40) 15
· sections 26, 30 and 31 16
· the schedule (to the extent it amends the Fair Trading Act 1989) 17
· the schedule (to the extent it amends the Motor Vehicles 18
Securities Act 1986 at items 1, 2, and 4 to 21 of the amendments 19
of that Act in the schedule). 20
(2) The remaining provisions commence on a day to be fixed by 21
proclamation. 22
s3 7 s6
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
PART 2--AMENDMENT OF MOTOR VEHICLES 1
SECURITIES ACT 1986 2
3 Act amended in pt 2
Clause 3
This part amends the Motor Vehicles Securities Act 1986. 4
4 Replacement of title
Clause 5
Title-- 6
omit, insert-- 7
`An Act to provide for the registration of security interests in motor 8
vehicles, boats and outboard motors, and for other purposes'. 9
5 Replacement of s 1 (Short title)
Clause 10
Section 1-- 11
omit, insert-- 12
`PART 1--PRELIMINARY 13
`1 Short title 14
`This Act may be cited as the Motor Vehicles and Boats Securities Act 15
1986.'. 16
6 Amendment of s 5 (Definitions)
Clause 17
(1) Section 5, definition "motor vehicle"-- 18
omit. 19
(2) Section 5-- 20
insert-- 21
` "approved form" means a form approved under section 40.1 22
1 Section 40 (Approved forms)
s7 8 s7
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
"boat" means a ship within the meaning of the Transport Operations 1
(Marine Safety) Act 1994 that-- 2
(a) is registrable under that Act; and 3
(b) has a unique alphanumeric identifier, of at least 14 characters, 4
that is-- 5
(i) assigned to the ship by the ship's manufacturer or under a 6
law of a State; and 7
(ii) permanently attached to, or marked on, the hull of the ship. 8
"HIN", for a boat, means the boat's unique alphanumeric identifier 9
mentioned in the definition "boat", paragraph (b). 10
"motor vehicle" see section 3. 11
"outboard motor" means an internal-combustion engine that-- 12
(a) has a propeller and an engine number; and 13
(b) is designed to be attached to the stern of a boat and used to propel 14
a boat. 15
"primary subsection", for part 7, see section 41. 16
"transferred security interest", for part 7, see section 41.'. 17
(3) Section 5, definition "security interest", after `motor vehicle'-- 18
insert-- 19
`, boat or outboard motor'. 20
(4) Section 5, definition "water damaged motor vehicle", `5B'-- 21
omit, insert-- 22
`4'. 23
7 Insertion of new s 5A
Clause 24
After section 5-- 25
insert-- 26
`5A Meaning of "motor vehicle" 27
`(1) "Motor vehicle" means a land vehicle that moves on wheels and is 28
propelled by a motor that is part of the vehicle. 29
s8 9 s8
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`(2) "Motor vehicle" also includes a caravan or trailer designed to be 1
attached to, or drawn by, a motor vehicle of a type mentioned in 2
subsection (1). 3
`(3) "Motor vehicle" does not include the following-- 4
(a) a vehicle designed for use primarily in the mining industry; 5
(b) farm machinery; 6
(c) a vehicle designed for use on a railway or tramway.'. 7
8 Insertion of new s 5C
Clause 8
After section 5B-- 9
insert-- 10
`5C Application of declared sections 11
`(1) If a motor vehicle is in Queensland, a declared section applies to a 12
security interest in the motor vehicle despite anything to the contrary in an 13
Act or a law of a recognised State about a security interest in the motor 14
vehicle. 15
`(2) For subsection (1), it does not matter whether the interest is created 16
within or outside Queensland. 17
`(3) In this section-- 18
"declared section" means each of the following-- 19
· section 12 20
· section 25 21
· section 26 22
· section 26A 23
· section 27. 2
24
"recognised State" means a State or a Territory declared under 25
section 38(1)3 to be a recognised State.'. 26
2 Sections 12 (Priority of security interests), 25 (Notice of security interest),
26 (Extinguishing of security interest), 26A (Revival of extinguished security
interest) and 27 (Purchases to which s 26 does not apply)
3 Section 38 (Recognised States)
s9 10 s 10
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
9 Amendment of s 6 (Register)
Clause 1
(1) Section 6(2)(d), after `motor vehicle'-- 2
insert-- 3
`, boat or outboard motor'. 4
(2) Section 6(2)(f), `the regulations'-- 5
omit, insert-- 6
`a regulation'. 7
(3) Section 6(3)-- 8
omit, insert-- 9
`(3) The register may be kept in the way the chief executive considers 10
appropriate.'. 11
(4) Section 6(4)(b), after `motor vehicles'-- 12
insert-- 13
`, boats or outboard motors'. 14
10 Amendment of s 7 (Application for registration, or renewal of
Clause 15
registration, of security interest) 16
(1) Section 7(1), from `must be--'-- 17
omit, insert-- 18
`must be-- 19
(a) in the approved form; and 20
(b) accompanied by the fee prescribed under a regulation.'. 21
(2) Section 7(1A), from `accompanied by--'-- 22
omit, insert-- 23
`state-- 24
(a) for a security interest in a motor vehicle-- 25
(i) the motor vehicle's VIN; or 26
(ii) if the motor vehicle has no VIN, the motor vehicle's chassis 27
number; or 28
s 11 11 s 13
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
(b) for a security interest in a boat--the boat's HIN; or 1
(c) for a security interest in an outboard motor--the outboard 2
motor's engine number.'. 3
(3) Section 7(1A) and (2)-- 4
renumber as section 7(2) and (3). 5
11 Amendment of s 7A (Registration of confiscation orders)
Clause 6
(1) Section 7A(1)-- 7
omit, insert-- 8
`(1) A confiscation order applying to, or creating a charge over, a motor 9
vehicle, boat or outboard motor of a person may be registered under this 10
Act.'. 11
(2) Section 7A(4) and (5) after `motor vehicle'-- 12
insert-- 13
`, boat or outboard motor'. 14
12 Amendment of s 8 (Application for assignment of a registered
Clause 15
security interest) 16
Section 8(2), from `must be--'-- 17
omit, insert-- 18
`must be-- 19
(a) in the approved form; and 20
(b) accompanied by the fee prescribed under a regulation.'. 21
13 Omission of s 11 (Effect of failure to register a security interest)
Clause 22
Section 11-- 23
omit. 24
s 14 12 s 14
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
14 Replacement of s 12 (Priority of security interests)
Clause 1
Section 12-- 2
omit, insert-- 3
`12 Priority of security interests 4
`(1) A registered security interest in a motor vehicle, boat or outboard 5
motor ranks in priority over an unregistered security interest in the same 6
motor vehicle, boat or outboard motor. 7
`(2) A registered security interest in a motor vehicle, boat or outboard 8
motor ranks in priority over another registered security interest in the same 9
motor vehicle, boat or outboard motor according to the order of 10
registration. 11
`(3) Despite subsection (1), an unregistered security interest in a motor 12
vehicle, boat or outboard motor ranks in priority over a registered security 13
interest in the same motor vehicle, boat or outboard motor if-- 14
(a) under the unregistered security interest the holder of the interest 15
takes possession of the motor vehicle, boat or outboard motor; 16
and 17
(b) the taking of possession happens before the registered security 18
interest is registered. 19
`(4) Despite the Property Law Act 1974, section 82,4 the priority given to 20
a security interest under this section has effect for all amounts, including 21
further advances, owing to the holder of the security interest under it. 22
`(5) Subsections (1) to (4) apply subject to the following-- 23
(a) the Corporations Act; 24
(b) in relation to the priority of security interests held by particular 25
holders of security interests--an agreement between the holders 26
of security interests. 27
`(6) Also, despite subsections (1) to (4), a repairer's lien over the motor 28
vehicle, boat or outboard motor ranks in priority over any other security 29
interest in the motor vehicle, boat or outboard motor regardless of-- 30
(a) when it was created; or 31
(b) whether it was registered, or if registered, when it was registered. 32
4 Property Law Act 1974, section 82 (Tacking and further advances)
s 15 13 s 17
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`(7) In this section-- 1
"repairer's lien", for a motor vehicle, boat or outboard motor, means a 2
lien held by a person possessing the motor vehicle, boat or outboard 3
motor as security for payment for services or materials supplied in 4
relation to the motor vehicle, boat or outboard motor by the person in 5
the ordinary course of business.'. 6
15 Amendment of s 14 (Application for discharge of registered
Clause 7
security interest) 8
(1) Section 14(1), from `must be--'-- 9
omit, insert-- 10
`must be in the approved form.'. 11
(2) Section 14(2) and (4)-- 12
omit. 13
(3) Section 14(3)-- 14
renumber as section 14(2). 15
16 Amendment of s 17 (Onus to cancel registration on discharge)
Clause 16
(1) Section 17, `fully'-- 17
omit. 18
(2) Section 17(a), `full'-- 19
omit. 20
17 Replacement of s 18 (Rectification of register)
Clause 21
Section 18-- 22
omit, insert-- 23
`18 Rectification of register 24
`(1) This section applies if there is a change in any of the particulars 25
entered in the register for a registered security interest. 26
`(2) The chief executive may, on application by, or for, the holder of the 27
interest, amend the register to record the change. 28
s 17 14 s 17
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`(3) The application must be-- 1
(a) in the approved form; and 2
(b) accompanied by the fee prescribed under a regulation. 3
`18A Removal of particulars of improperly registered interests 4
`(1) This section applies if, after registering an interest that appeared to 5
the chief executive to be a security interest, the chief executive, whether on 6
the basis of information given to the chief executive or otherwise, 7
reasonably believes the interest is not a security interest. 8
`(2) The chief executive may, by written notice, require the holder of the 9
interest to give to the chief executive within a stated reasonable time, of at 10
least 14 days, information the chief executive reasonably considers is 11
necessary to enable the chief executive to decide whether the interest is a 12
security interest. 13
`(3) The holder must comply with the requirement within the time stated 14
in the notice or the longer time the chief executive may allow in writing. 15
Maximum penalty--30 penalty units. 16
`(4) After the reasonable time mentioned in subsection (2), the chief 17
executive-- 18
(a) must consider any information given to the chief executive; and 19
(b) may, if reasonably satisfied the interest is not a security interest, 20
remove the particulars of the interest included in the register. 21
`(5) However, before removing the particulars, the chief executive must 22
give written notice of the decision and the reasons for the decision to-- 23
(a) the holder; and 24
(b) the person the chief executive reasonably believes is the owner or 25
person in possession of the motor vehicle, boat or outboard 26
motor the subject of the interest. 27
`(6) The notice must state the following-- 28
(a) the holder may apply to a Magistrates Court ("court") within the 29
notice period for an order maintaining the registration; 30
s 18 15 s 18
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
(b) the particulars of the interest included in the register will be 1
removed from the register unless the holder obtains a court order 2
maintaining the registration. 3
`(7) The chief executive must remove the particulars if-- 4
(a) within the notice period, the holder has not-- 5
(i) satisfied the chief executive that the holder has filed an 6
application for an order maintaining the registration; or 7
(ii) given the chief executive a copy of a court order 8
maintaining the registration; or 9
(b) a court orders, on application under subsection (8), that the 10
particulars be removed. 11
`(8) On application by the holder, a court may order-- 12
(a) that the registration be maintained; or 13
(b) that the particulars be removed. 14
`(9) In this section-- 15
"notice period" means the period of 14 days starting after giving a notice 16
under subsection (5).'. 17
18 Replacement of s 22 (Security interest certificate)
Clause 18
Section 22-- 19
omit, insert-- 20
`22 Security interest certificate 21
`(1) The chief executive must give a person a security interest certificate 22
for a motor vehicle, boat or outboard motor if the person-- 23
(a) asks the chief executive, in the approved form, for the certificate; 24
and 25
(b) pays the fee prescribed under a regulation. 26
`(2) A security interest certificate for a motor vehicle, boat or outboard 27
motor must state-- 28
(a) if a security interest is registered for the motor vehicle, boat or 29
outboard motor--particulars about the security interest; and 30
s 19 16 s 19
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
(b) if no security interest is registered for the motor vehicle, boat or 1
outboard motor--that fact. 2
`(3) The certificate also must state-- 3
(a) the day and time it is issued; and 4
(b) if identifying particulars of the motor vehicle are included in the 5
register identifying the vehicle as a stolen or a water damaged 6
motor vehicle--that fact; and 7
(c) if any particulars of the boat or outboard motor are included in 8
the register identifying the boat or outboard motor as a stolen 9
boat or outboard motor--that fact; and 10
(d) other particulars the chief executive considers appropriate. 11
`(4) The chief executive may issue the certificate in the way the chief 12
executive considers appropriate. 13
14
Example--
15
The chief executive may issue the certificate by electronic means from the department's
16
computer to a motor dealer's computer for printing by the dealer's printer.'.
19 Replacement of s 23 (Inspecting the register)
Clause 17
Section 23-- 18
omit, insert-- 19
`23 Inspecting register 20
`(1) On payment of the fee prescribed under a regulation, a person may 21
inspect the register or take extracts from, or get a copy of details in, the 22
register-- 23
(a) at an office of the department when the office is open to the 24
public; or 25
(b) by using a computer under arrangements approved by the chief 26
executive. 27
`(2) In this section-- 28
"computer" means a mechanical, electronic or other device that processes 29
data.'. 30
s 20 17 s 20
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
20 Amendment of s 26 (Extinguishing of security interest)
Clause 1
(1) Section 26(1), after `motor vehicle', first mention-- 2
insert-- 3
`, boat or outboard motor (the "holder")'. 4
(2) Section 26(1), after `motor vehicle', second, third and fourth 5
mention-- 6
insert-- 7
`, boat or outboard motor'. 8
(3) Section 26(1), `person', second and third mention-- 9
omit, insert-- 10
`purchaser'. 11
(4) Section 26(2) to (4)-- 12
renumber as 26(4) to (6). 13
(5) Section 26(4) as renumbered, after `motor vehicle'-- 14
insert-- 15
`, boat or outboard motor'. 16
(6) Section 26-- 17
insert-- 18
`(2) If a security interest is extinguished under subsection (1), the holder 19
of the security interest is, to the extent of the amount owing to the holder 20
under the security interest, subrogated to the rights, if any, of the seller, or a 21
predecessor in title of the seller, in the motor vehicle, boat or outboard 22
motor, including the right to receive any unpaid purchase price for it. 23
`(3) The purchaser obtains a good discharge-- 24
(a) as against the seller--for any payment of part of the purchase 25
price made to the holder because of the holder's rights under 26
subsection (2); and 27
(b) as against the seller and the holder--for any payment of part of 28
the purchase price made by the purchaser before the purchaser 29
receives notice of the holder's rights mentioned in 30
subsection (2).'. 31
s 21 18 s 22
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
21 Insertion of new s 26A
Clause 1
After section 26-- 2
insert-- 3
`26A Revival of extinguished security interest 4
`(1) This section applies if-- 5
(a) a security interest in a motor vehicle, boat or outboard motor is 6
extinguished under section 26(1); and 7
(b) after the security interest is extinguished, the contract under 8
which the purchaser purchased or putatively purchased an 9
interest in the motor vehicle, boat or outboard motor is rescinded. 10
`(2) On the rescission, the security interest in the motor vehicle, boat or 11
outboard motor is revived and is taken not to have been extinguished by the 12
purchase or putative purchase of an interest in the motor vehicle, boat or 13
outboard motor.'. 14
22 Amendment of s 27 (Purchases to which s 26 does not apply)
Clause 15
(1) Section 27(1), after `motor vehicle'-- 16
insert-- 17
`, boat or outboard motor'. 18
(2) Section 27-- 19
insert-- 20
`(3) Subsection (4) applies if-- 21
(a) a supplier enters into a facility agreement for the supply of a 22
relevant article with someone else ("user") who leases, hires or 23
buys the relevant article under the agreement; and 24
(b) before the supplier and the user enter into the facility agreement, 25
the user and the person who disposed of the relevant article to the 26
supplier participated in negotiations about the relevant article; 27
and 28
(c) the user does not act in good faith and without notice of an 29
existing security interest in the relevant article. 30
s 23 19 s 24
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`(4) For section 26, the purchase or putative purchase of the interest in 1
the relevant article by the supplier is not for value and in good faith and 2
without notice of a security interest in the relevant article. 3
4
Example for subsections (3) and (4)--
5
H holds an unregistered security interest in a motor vehicle that is in the possession of
6
D, who gave H the security.
7
U and D act together to arrange for D to sell the vehicle to F, a finance company. F
8
buys the vehicle for the purpose of leasing the vehicle to U. U knows that D has given
9
the security to H, but does not tell F about D's unregistered security. F buys the vehicle
10
for market value and without notice of H's interest.
11
For section 26, F's purchase from D is not for value and in good faith and without
12
notice of H's security interest in the vehicle, and H's interest is not extinguished.
`(5) In this section-- 13
"facility agreement" means a lease, hire-purchase agreement or other 14
contract. 15
"relevant article" means a motor vehicle, boat or outboard motor. 16
"supplier" means-- 17
(a) a lessor, owner or supplier of a relevant article under a facility 18
agreement; or 19
(b) another person who purchases a relevant article with the 20
intention of entering into a facility agreement as the lessor, owner 21
or supplier of the relevant article.'. 22
23 Amendment of s 28 (Compensation for loss etc. by holder of
Clause 23
security interest) 24
Section 28(4)(b), after `motor vehicle'-- 25
insert-- 26
`, boat or outboard motor'. 27
24 Replacement of s 30 (Compensation for loss etc. by purchaser)
Clause 28
Section 30-- 29
omit, insert-- 30
s 25 20 s 25
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`30 Effects of incorrect certificate 1
`(1) This section applies if-- 2
(a) a purchaser purchases an interest in a motor vehicle, boat or 3
outboard motor for value and in good faith; and 4
(b) a certificate is issued under section 22 for the motor vehicle, boat 5
or outboard motor before the purchase is made; and 6
(c) the certificate does not contain particulars of a security interest 7
that was registered at the time the certificate was issued; and 8
(d) the purchaser does not, at the time of the purchase, have notice of 9
the security interest as mentioned in section 25(a) or (c).5 10
`(2) Despite the purchaser having notice of the security interest as 11
mentioned in section 25(b), the security interest in the motor vehicle, boat 12
or outboard motor is extinguished, or taken to have been extinguished, on 13
the issue of the certificate. 14
`(3) For subsection (2), it is immaterial whether or not the purchaser 15
relies on the certificate for the purchase. 16
`(4) If the holder of the security interest extinguished under 17
subsection (2) suffers loss because of the extinguishment, the holder may 18
apply to the accountable officer for compensation. 19
`(5) The accountable officer may make a payment to the person under 20
the Financial Administration and Audit Act 1977, section 106.6'. 21
25 Insertion of new s 40 and pt 7
Clause 22
After section 39-- 23
insert-- 24
`40 Approved forms 25
`The chief executive may approve forms for use under this Act. 26
5 Section 25 (Notice of security interest)
6 Financial Administration and Audit Act 1977, section 106 (Losses and special
payments)
s 25 21 s 25
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`PART 7--TRANSITIONAL PROVISIONS FOR MOTOR 1
VEHICLES SECURITIES AND OTHER ACTS 2
AMENDMENT ACT 2003 3
`41 Definitions for pt 7 4
`In this part-- 5
"primary subsection" see section 42(3). 6
"transferred security interest" see section 42(3)(a). 7
`42 Registration of security interest under Bills of Sale and Other 8
Instruments Act 1955 9
`(1) Before the end of a period prescribed under a regulation, a person 10
who holds a bills of sale security interest may apply to the chief executive 11
in the approved form to have the security interest, to the extent that it 12
relates to a boat or outboard motor, registered under this Act. 13
`(2) No fee is payable for the application. 14
`(3) On the commencement of section 9(1) (the "primary subsection") 15
of the Motor Vehicles Securities and Other Acts Amendment Act 2003, a 16
bills of sale security interest, to the extent that it relates to a boat or 17
outboard motor and for which the chief executive has received an 18
application under subsection (1)-- 19
(a) is taken to be a security interest registered under this Act (a 20
"transferred security interest") from the time of its registration 21
under the Bills of Sale Act; and 22
(b) ceases to be a registered security interest under the Bills of Sale 23
Act. 24
`(4) Despite subsection (3) and the Bills of Sale Act, section 7, and so 25
that a transferred security interest has the same priority that it had as a bills 26
of sale security interest, the provisions of the Bills of Sale Act that applied 27
immediately before the commencement of the primary subsection for the 28
purposes of the priority of the bills of sale security interest continue to 29
apply to the transferred security interest after the commencement. 30
`(5) In this section-- 31
s 26 22 s 26
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
"Bills of Sale Act" means the Bills of Sale and Other Instruments Act 1
1955. 2
"bills of sale security interest" means a security interest in a boat or an 3
outboard motor that, immediately before the commencement of this 4
section, is registered under the Bills of Sale Act. 5
`43 Chief executive to register transferred security interest 6
`As soon as practicable after the commencement of the primary 7
subsection, the chief executive must include the particulars of each 8
transferred security interest in the register. 9
`44 Transitional rules for deciding priority of security interests 10
`(1) The provisions of this Act for deciding the priority of existing 11
security interests and the Property Law Act 1974, section 82,7 as those 12
provisions and that section were in force immediately before the 13
commencement, continue to have effect after the commencement for 14
deciding priority as between-- 15
(a) the holders of existing security interests; and 16
(b) the holder of an existing security interest and the holder of a new 17
security interest. 18
`(2) Subsection (1) applies subject to an agreement between the holders. 19
`(3) In this section-- 20
"commencement" means the commencement of this section. 21
"existing security interest" means a security interest in a motor vehicle in 22
force immediately before the commencement. 23
"new security interest" means a security interest in a motor vehicle 24
created after the commencement.'. 25
26 Insertion of new s 47
Clause 26
After section 46-- 27
insert-- 28
7 Property Law Act 1974, section 82 (Tacking and further advances)
s 27 23 s 29
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`47 Validation for particular fee 1
`(1) This section applies to a fee charged by the chief executive, before 2
the commencement of the Fair Trading (Fees) Amendment Regulation 3
(No. 1) 2002, for an application under section 78 for renewal of registration 4
of a security interest if, after that commencement, a similar fee may be 5
validly charged for an application of that type. 6
`(2) The fee is taken always to have been validly charged.'. 7
PART 3--AMENDMENT OF BILLS OF SALE AND 8
OTHER INSTRUMENTS ACT 1955 9
27 Act amended in pt 3
Clause 10
This part amends the Bills of Sale and Other Instruments Act 1955. 11
28 Replacement of s 7 (Application of pt 2)
Clause 12
Section 7-- 13
omit, insert-- 14
`7 Application of pt 2 15
`This part does not apply to a security interest, whether created before or 16
after the commencement of this section, to the extent that the security 17
interest relates to a motor vehicle, boat or outboard motor as defined in the 18
Motor Vehicles and Boats Securities Act 1986, section 2.9'. 19
29 Insertion of new pt 7
Clause 20
After section 56-- 21
insert-- 22
8 Section 7 (Application for registration, or renewal of registration, of security
interest)
9 Motor Vehicles and Boats Securities Act 1986, section 2 (Definitions)
s 30 24 s 30
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
`PART 7--TRANSITIONAL PROVISION FOR MOTOR 1
VEHICLES SECURITIES AND OTHER ACTS 2
AMENDMENT ACT 2003 3
`57 Ending registration of security interest in boat or outboard motor 4
`(1) This section applies if, at the end of the prescribed period, a holder 5
of an existing security interest in a boat or outboard motor as defined in the 6
Motor Vehicles and Boats Securities Act 1986, section 2 has not applied 7
under the application provision to have the interest, to the extent it relates 8
to the boat or outboard motor, registered under that Act. 9
`(2) To the extent the existing security interest relates to the boat or 10
outboard motor-- 11
(a) the existing security interest ceases to be registered under this 12
Act; and 13
(b) part 210 no longer applies to the security interest. 14
`(3) In this section-- 15
"application provision" means the Motor Vehicles and Boats Securities 16
Act 1986, section 42(1). 17
"prescribed period" means the period prescribed under a regulation under 18
the Motor Vehicles and Boats Securities Act 1986, section 42(1).11'. 19
PART 4--OTHER AMENDMENTS AND REPEAL 20
30 Minor and consequential amendments
Clause 21
The schedule amends the Acts it mentions. 22
10 Part 2 (Registration and its effects)
11 Motor Vehicles and Boats Securities Act 1986, section 42 (Registration of security
interest under Bills of Sale and Other Instruments Act 1955)
s 31 25 s 31
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
31 Repeal
Clause 1
The Motor Vehicles Securities and Other Acts Amendment Act 2001 2
No. 38 is repealed. 3
26
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
SCHEDULE 1
MINOR AND CONSEQUENTIAL AMENDMENTS 2
section 30 3
ELECTRONIC TRANSACTIONS (QUEENSLAND) 4
ACT 2001 5
1 Schedule 1, part 1, `Motor Vehicles Securities Act 1986'-- 6
omit, insert-- 7
`Motor Vehicles and Boats Securities Act 1986'. 8
FAIR TRADING ACT 1989 9
1 Section 51(3), definition "consortium"-- 10
omit, insert-- 11
` "consortium" means an association of corporations.'. 12
MOTOR VEHICLES SECURITIES ACT 1986 13
1 Sections 5, 5A, 5B and 5C-- 14
renumber as sections 2, 3, 4 and 5. 15
27
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
SCHEDULE (continued)
2 Before section 6-- 1
insert-- 2
`PART 2--REGISTRATION AND PRIORITY OF 3
SECURITY INTERESTS'. 4
3 Sections 7AA, 7AB, 7AC and 7A-- 5
renumber as sections 7A, 7B, 7C and 7D. 6
4 Section 13-- 7
renumber and relocate as section 25. 8
5 Before section 14-- 9
insert-- 10
`PART 3--DISCHARGE OF REGISTERED SECURITY 11
INTERESTS, AND PARTICULAR OFFENCES 12
`Division 1--Discharge of registered security interests'. 13
6 Section 15, `the regulations'-- 14
omit, insert-- 15
`a regulation'. 16
7 Before section 21-- 17
insert-- 18
`Division 2--False or misleading information or documents'. 19
28
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
SCHEDULE (continued)
8 Before section 22-- 1
insert-- 2
`PART 4--SECURITY INTERESTS 3
`Division 1--Security interest certificates'. 4
9 Section 23A(2), definition "searchable application", 5
paragraph (d), `42(2)'-- 6
omit, insert-- 7
`42(1)'. 8
10 Before section 25, as renumbered and relocated-- 9
insert-- 10
`Division 2--Notice and extinguishment of security interests'. 11
11 Before section 30A-- 12
insert-- 13
`PART 5--INVESTIGATION AND ENFORCEMENT 14
`Division 1--Inspectors'. 15
12 Before section 30H-- 16
insert-- 17
`Division 2--Powers of inspectors 18
`Subdivision 1--Entry of places'. 19
29
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
SCHEDULE (continued)
13 Before section 30I-- 1
insert-- 2
`Subdivision 2--Procedure for entry'. 3
14 Before section 30N-- 4
insert-- 5
`Subdivision 3--Powers after entry'. 6
15 Before section 30Q-- 7
insert-- 8
`Subdivision 4--Power to seize evidence'. 9
16 Before section 30Y-- 10
insert-- 11
`Subdivision 5--Power to obtain information'. 12
17 Before section 30ZA-- 13
insert-- 14
`Division 3--General enforcement matters'. 15
18 Before section 30ZG-- 16
insert-- 17
`PART 6--MISCELLANEOUS'. 18
19 Section 30ZG(2)(b), `prescribed fee'-- 19
omit, insert-- 20
`fee prescribed under a regulation'. 21
30
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
SCHEDULE (continued)
20 Before section 45-- 1
insert-- 2
`PART 8--VALIDATION AND DECLARATORY 3
PROVISIONS'. 4
21 Section 46A-- 5
renumber as section 48. 6
POLICE POWERS AND RESPONSIBILITIES ACT 2000 7
1 Section 59L(5)(b), 59W(2)(c) and schedule 4, definition "owner", 8
after `Vehicles'-- 9
insert-- 10
`and Boats'. 11
PROPERTY AGENTS AND MOTOR DEALERS ACT 2000 12
1 Schedule 2, definitions "security interest certificate" and "water 13
damaged motor vehicle", after `Vehicles'-- 14
insert-- 15
`and Boats'. 16
31
Motor Vehicles Securities and Other Acts Amendment
Bill 2003
SCHEDULE (continued)
TRANSPORT OPERATIONS (ROAD USE 1
MANAGEMENT) ACT 1995 2
1 Section 135(8), definition "security interest", from `Securities'-- 3
omit, insert-- 4
`and Boats Securities Act 1986, section 2.12'. 5
© State of Queensland 2003
12 Motor Vehicles and Boats Securities Act 1986, section 2--
"security interest" means an interest in a motor vehicle, boat or outboard motor by
way of security for or in respect of a liability, whether present, contingent or
future created or otherwise arising in or under or in connection with a bill of
sale, mortgage, charge, lien, hire-purchase agreement, lease or instrument
having a like effect to any of them and includes the interest of--
(a) an owner within the meaning of the Hire-purchase Act 1959 in respect
of the liability of the hirer within the meaning of that Act;
(b) a lessor in respect of the liability of a lessee.
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