Should Alberta Update Its Personal Property Security Rules?

Official title: Personal Property Security engagement

Closed Legislation Finance & Consumer Justice & Rights
Alberta gathered feedback on updating its Personal Property Security Act, which governs how loans secured by personal property (like cars or equipment) are registered and enforced. The law hasn't been updated since 1990, and other provinces have moved on. The goal is to reduce red tape and align with the rest of Canada.

Why This Matters

Ever financed a car or taken out a loan using equipment as collateral? This law affects how those loans are registered and what happens if you can't pay. Outdated rules create confusion for lenders and borrowers alike. Clearer rules could mean smoother transactions and fewer surprises.

What Could Change

Alberta may amend the Personal Property Security Act to align with other provinces. This could simplify how secured loans are registered and searched. Rules around what happens when borrowers default might also be updated.

Key Issues

  • How should Alberta's rules align with other Canadian provinces?
  • What red tape and unnecessary burdens should be reduced?

What Happened

Stakeholder feedback was gathered through written submissions and targeted focus groups with legal professionals, financial institutions, debtor counselling groups, car dealerships, and civil enforcement agencies. The Alberta Law Reform Institute's Final Report 116 also informed the process. This feedback will help shape potential updates to legislation and policy.

Key Documents