PPS Act change to motor vehicle definition
A change to the Personal Property Securities Regulations has narrowed the definition of a motor vehicle for the purpose of registering security interests.Property is a motor vehicle under the PPS Act if it is built to be propelled wholly on land by a motor that forms part of it. Up to the end of June, the vehicle also had to be capable to travelling at more than 10 kilometres an hour or have an engine capacity greater than 200W.Under the new rule, which took effect on July 1, the vehicle must be capable of travelling at 10 kilometres an hour and have an engine capacity greater then 200W.This change will not affect common types of motor vehicles, such as cars, vans, utes, trucks and motor bikes. It may affect elevating work platforms, pavers, dozers, pipe layers and motorised shovels.Security interests over property that is no longer a motor vehicle because of the new definition may have to be covered by the "other goods" collateral class