On Line Lien Registrations. Personal Property Security Registry - Purpose and Content

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1 Personal Property Security Registry - Purpose and Content The Personal Property Security Registry contains liens registered against personal property, such as motor vehicles. Secured parties are typically financial institutions such as banks or credit unions, but they can also be dealers or individuals. Similarly, debtors may also be businesses, companies or individuals. The Registry keeps records of all personal property (but not land or buildings) registered as security for a loan, or collateral in Ontario. It also contains liens registered for unpaid repairs. Dealers can search for liens on vehicles prior to purchase. Creditors register their financial interest in personal property pledged as collateral. For example, a bank lending you money to buy a car registers a notice in the Registry that it has a security interest in the car. This security interest ensures payment of the bank's loan. A dealer taking a vehicle on trade can check the Registry to see if a lien is recorded against the VIN. Registration Services The following services are available: New Liens - Register a new lien. Your lien is registered once the system confirms that the registration has been submitted successfully and a registration number is assigned. Renewal Extend the term of a lien past it s original expiry date. Renewals must be registered before a lien expires. Discharge - Remove a lien. To discharge a lien, the file number, the name of one of the debtors and the name of one of the secured parties are required. Partial Discharge Remove a debtor or item of collateral from a registered lien. Page 1 of 11

2 On Line Lien Registration Facility The UCDA s On Line Lien Registration Facility has been developed to allow members an easy method of registering liens. Using the service, members are able to register, renew, discharge, or partially discharge liens on line, under Ontario s Personal Property Security and Repair and Storage Lien acts. When you navigate to the site, you will be asked to logon, using your UCDA account number and password. After logon, the system takes you to the Member Profile page. This page displays the information the UCDA has on file about your company. This information is used as the secured party information when you register a lien. Check that the information is correct. If you need to make any changes, simply edit the text, then click the update button. The changes you make are saved, and will become the new default information. If you are registering a lien where your company is not the secured party, you will need to change the secured party information during the registration process. Page 2 of 11

3 Registering A New Lien Registering a lien involves five simple steps: 1. Secured Party Information: who is owed the money; typically, your company. 2. Lien Detail Information: the act the lien is registered under; how long the lien is registered for; how much is owing; the collateral classification. 3. Debtor Information: the individuals or corporations that owe the money. 4. Collateral Information: the details about the collateral being used to secure the monies owed, such as a vehicle. 5. Review: ensuring all of the information is correct. The information is entered by completing the fields on the various tabs of the registration page: Page 3 of 11

4 Secured Party To begin registering a new lien, click the New button on the left of the browser window. The system will take you to the Secured Party section of the registration. Your company information is automatically entered as the Secured Party information. Check that all of the information is correct. Review the Secured Party information. If necessary, you can change any of the information, by typing over the existing text. Once you are satisfied that the information is correct, click on the Lien Details tab to continue with the registration. Page 4 of 11

5 Lien Details In this section of the registration process, we gather some general information about the lien. Act Type Does The Collateral Include A Motor Vehicle? Select PPSA if you sold or leased the collateral; select RSLA if you repaired or stored the collateral. Select Yes or No Maturity Date You can specify a date when the lien matures when the last payment is due - or select No Fixed Period. Total Amount Owed Registration Period The Collateral Is Enter the amount of money you are owed A lien can be registered for 1 to 5 years. The maximum for an RSLA lien is 3 years. You cannot register a lien for a portion of a year. Specify whether the collateral is Consumer Goods, or Equipment Once you have completed the entries, click on the Debtors tab to continue. Page 5 of 11

6 Debtors Individuals You can register a lien against an individual, or a company. We will start with individuals To register a lien against an individual, you must have the person s full name, date of birth, and address. Enter the information, and click the Add button at the bottom of the screen to add the debtor to the lien. You will see a reference to the debtor under the Added Debtors section. Continue to add debtors in the same manner, until all of the debtors have been added. There is no limit to the number of debtors you can add to a lien. Page 6 of 11

7 Debtors Companies To add a corporate debtor, click the Add Business Debtor link. Complete the fields as for an individual debtor, then click Add. Once you have entered all of the debtors, click the Collateral tab. Page 7 of 11

8 Collateral Collateral is the property pledged against the money owed. In most cases, it will be a vehicle. Be absolutely sure the VIN is correct, otherwise your lien will be invalid. Click the Add button to include the collateral on the lien. When registering a lien against a motor vehicle, only the Year, Make, Model, and VIN are required. NOTE: Snowmobiles and motorcycles are considered to be motor vehicles, and a lien may be registered against their VIN. However, trailers and boats are not considered to be motor vehicles, and their details should be recorded in the Describe Item and Serial Number fields. There is no limit to the number of collateral items that may be registered on the lien. Once you have entered the information for all of the collateral, click the Review tab to complete the registration. Page 8 of 11

9 Review On the Review tab, ensure that all of the information is correct. The system will warn you if any required information is missing from the lien. If there is any information, you can add it now, or save the registration to edit it later. If you notice a mistake, you can edit the information by clicking on the appropriate tab. Once you are satisfied the information is correct, click the Submit Registration button. The lien information is submitted to our server for processing with the Ministry. Typically, your lien will be registered within five minutes of being submitted. Please note however, that we only have access to the Ministry s system from 9:00am to 5:00pm Monday to Friday. Liens submitted outside of these hours will be processed the next business day. You can check the status of your lien by clicking on the Submitted Registrations menu button. Page 9 of 11

10 Renewing a Lien In order to renew a lien, you require the following information: Original File Number Secured Party Details Debtor Name Enter the information, and click the Submit button at the bottom of the screen to renew a lien. Page 10 of 11

11 Discharging a Lien In order to discharge a lien, you require the following information: Original File Number Secured Party Details Debtor Name Enter the information, and click the Submit button at the bottom of the screen to discharge the lien. Page 11 of 11