The Homeowner Protection Act, 2024 receives Royal Assent

The Homeowner Protection Act, 2024, which received Royal Assent on June 6, 2024, includes amendments to the Personal Property Security Act (PPSA). These amendments prohibit the registration of Notices of Security Interest (NOSIs) for consumer goods on land title and declare existing NOSIs for consumer goods on title to be expired. The changes also establish a process for removing expired consumer NOSIs from title. These revisions aim to address issues stemming from the misuse of NOSIs by certain businesses and mitigate the harm caused to consumers, all while minimizing the impact on affected businesses. For more information on the Act and changes to the Personal Property Security Act, visit: https://www.ola.org/en/legislative-business/bills/parliament-43/session-1/bill-200 (https://www.ola.org/en/legislative-business/bills/parliament-43/session-1/bill-200). 

 

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