Modernizing Alberta's 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 confusion and align with the rest of Canada.

Why This Matters

Ever financed a car or used equipment as collateral for a business loan? This law affects how those debts are registered and what happens if you can't pay. Outdated rules create confusion for lenders and borrowers alike. Clearer rules could make borrowing smoother and reduce legal headaches.

What Could Change

Alberta may update its Personal Property Security Act to align with other provinces. This could change how secured loans are registered, searched, and enforced. The Alberta Law Reform Institute's recommendations may become law, affecting banks, car dealerships, and anyone who borrows against personal property.

Key Issues

  • How should Alberta's rules align with other Canadian provinces?
  • What red tape and unnecessary burdens should be reduced?
  • How should the law reflect judicial decisions made since 1990?

What Happened

Stakeholders including the Alberta Law Reform Institute, legal community, financial institutions, debtor/bankruptcy counselling groups, car dealerships, and civil enforcement agencies provided written feedback and participated in targeted focus groups. The government also consulted with other Canadian jurisdictions. This feedback will inform potential updates to legislation and policy.

Key Documents