The Patents And Companies Registration Agency (PACRA) has Finalised the Development of the Collateral Registry under the Movable Property (SECURITY INTEREST) Act Number of 2016, which has since gone Live and can be Accessed through the Agency’s Website www.pacra.org.zm.
Financial Institutions and the General Public can Register Financing Statements (SECURITY INTERESTS IN MOVABLE PROPERTY) and conduct Searches on Existing Statements, Online.
Agency Public Relations Officer Vaida Njobvu said the Fee for Registration of a Financing Statement (SECURITY INTEREST) is One Hundred Kwacha while a Search Costs Twenty Kwacha.
Njobvu has urged the General Public to ensure Full usage of the Collateral Register to secure their Interests.
She Explained that the Public can Verify, before Purchasing a Second Hand Motor Vehicle, Whether it is Subject to any other Interest OR not by Conducting a Search in the Registry.