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Modernization of the British Columbia Personal Property Registry

Modernization

On January 25, 2022 the British Columbia Personal Property Registry (the “PPR”) was replaced with a new online platform as part of the BC Registries and Online Services’ modernization initiative. Amendments to the Personal Property Security Regulation, B.C. Reg. 227/2002  and Miscellaneous Registrations Regulation, B.C. Reg. 81/2004 (collectively, the “Amendments”) came into force and effect on the same date.

The Amendments

Approved by Order in Council on December 13, 2021, the Amendments reflect changes to the registration system under the PPR. For example, prior to the Amendments the PPR stipulated that a debtor’s name in a financing statement had to be limited to 25 characters, whereas pursuant to the Amendments, the PPR now accepts a debtor’s full name regardless of length. This modernization in respect of the permitted length of the debtor’s name in financing statements is notable as an incorrect debtor name can invalidate a PPR registration (which can ultimately lead to perfection and priority issues in respect of the security interest). The Amendments also make it possible for a registering party to enter e-mail addresses for themselves, the debtor and the secured party (in addition to their mailing addresses) bringing the PPR in line with personal property registration schemes in other Canadian jurisdictions.

Some of the key changes effected by the Amendments are as follows:

SECTION(S)

AMENDMENT

Personal Property Security Regulation, B.C. Reg. 227/2002

Sections 5(b)-(d),14 and 36

 

The e-mail addresses for each of the registering party and the secured party may now be included in the notice particulars associated with a given registration

 

Sections 7(1)(a)-(c) and 7(2)(a)

The limit on the number of characters that can used for a debtor’s name has been lifted and the debtor’s full name is now required to be entered

Sections 25 and 29

A person seeking an amendment to the registration in relation to debtor that is an individual may enter the debtor’s birthdate  

Section 58

The deemed damages of the debtor for a cause of action referred to in section 69(4) of the Personal Property Security Act, “Consequences of Non-Compliance with the Act”, have been increased from $200 to $300

Miscellaneous Registrations Regulation, B.C. Reg. 81/2004

Section 11(2)

To register a lien for unpaid wages, the collateral must now only be described by entering “all the personal property of the debtor, including money due or accruing due”

Takeaways

Since the effective date of the Amendments, users will need a premium account with the new BC Registries and Online Services’ application in order to access the PPR. Existing registrants, in consultation with their legal advisors, should also consider whether it would be prudent to update their registrations following the Amendments.

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