EXPLANATORY NOTE

Section 54 of the Personal Property Security Act is amended to provide that a notice of security interest where the collateral is a prescribed consumer good or an extension of any such notice shall not be registered and any such existing registrations shall be discharged by the registrar. Section 74.1 is amended to give authority to the Minister to prescribe consumer goods for the purposes of subsections 54 (7) and (8).

Bill 169 2024

An Act to amend the Personal Property Security Act to prevent notices of security interests from being registered against homeowners where the collateral is a prescribed consumer good

His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1 Section 54 of the Personal Property Security Act is amended by adding the following subsections:

Exception, prescribed consumer goods

(7)  A notice of security interest or an extension of such notice shall not be registered under this section where the collateral is a prescribed consumer good.

Same, discharge of existing registrations

(8)  The registrar shall discharge any notice of security interest and any extension of such notice registered under this section where the collateral is a prescribed consumer good,

  (a)  on his or her initiative; or

  (b)  in response to a written request from any person who is affected by the registration.

2 Subsection 74.1 (1) of the Act is amended by adding the following clause:

(b.1) prescribing consumer goods for the purposes of subsections 54 (7) and (8) of this Act;

Commencement

3 This Act comes into force on the day it receives Royal Assent.

Short title

4 The short title of this Act is the Removing Red Tape for Homeowners (No More Pushy, High-Pressure HVAC Scams) Act, 2024.