The Moveable Property Security Rights Act, 2017 (the “Act”) came into operation on 16th May 2017. The Act aims at facilitating the use of movable property as security for credit facilities and enhancing the ability of individuals and entities to access credit using moveable assets. To this end, the Act creates the office of the Registrar of Security Rights and sets out provisions in respect of the registration of security rights in movable property, the realisation process and related matters.

The Act repeals the Chattels Transfer Act and the Pawn Brokers Act and also amends or repeals certain provisions of the Agricultural Finance Corporation Act, the Stamp Duty Act, the Hire Purchase Act, the Business Registration Services Act, the Companies Act, 2015 and the Insolvency Act, 2015.

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