Movable Property Security Register FAQ

FAQ

1. What is the Movable Property Security Register?
   It is an electronic register of movable property security interests for natural and legal persons, geographically unified and accessible online.
   It provides a solution to the country's credit market challenges by facilitating access to credit, particularly for Small and Medium-sized Enterprises (SMEs) that typically lack sufficient real estate collateral but can now use their movable assets as security. This Register also enables creditors or lenders to instantly verify whether an asset presented as collateral has not already been pledged to another financial institution. This will reduce the risks borne by regulated institutions and accelerate the loan approval process.

2. What is a movable property security interest?
   A movable property security interest is a right over tangible (vehicles, equipment, crops, etc.) and intangible assets (debt instruments, intellectual property, etc.) that secures the payment or performance of an obligation.

3. What are the register's features?
   The register's features include:
   o registration of a movable property security interest by the creditor o modification of a movable property security interest by the creditor (in case of data entry errors or contractual changes) o closure of a movable property security interest by the creditor o cancellation of a movable property security interest by the creditor o consultation and search of a movable property security interest by the general public

4. Who has access to the register?
   o Secured creditors (credit institutions, banks…) o Any person authorized by a secured creditor (lawyers, notaries…) o The general public (access limited to named information)

5. What are the advantages of the Movable Property Security Register?
   The Register:
   o facilitates access to credit, such as for SMEs that typically lack sufficient real estate collateral and can now use movable assets as security. o enables creditors to instantly verify whether an asset presented as collateral has not already been pledged to another institution. o enables security management by granting priority to the creditor who registered it first. o minimizes risks and encourages banks to lend more readily. o accelerates the loan application process. o facilitates accessibility, transparency, and information sharing.

6. Is there a minimum credit amount to register a security interest?
   No, no credit limit is required to register a security interest.

7. How can one access the register?
   Any interested institution or person must contact the Office of the General Registrar at the phone number and/or email address listed on the first page of this manual.

8. Is access to the register free?
   For financial institutions, registration, modification, search, consultation, and cancellation fees are free during the first implementation year of 2018. For subsequent years, the Office of the General Registrar will estimate the annual cost, covering management and operationalization fees for the Register.

9. Our institution has access to the register but we cannot log in.
   Try verifying your username and password carefully; the password must be a combination of uppercase letters, lowercase letters, numbers, and special characters. If you still cannot log in, please contact the Office of the General Registrar at the address indicated at the bottom of this page.

10. How can our institution grant register access to one of its employees?
    For any new account creation, please contact the Office of the General Registrar at the address indicated at the bottom of this page.

11. If we forget to search for an individual and begin registering them, can the application block duplicates?
    Yes, the application prevents the same individual from being registered multiple times.

12. Is it possible to modify an already registered security interest?
    Yes. Search for the relevant security interest, then click to view details; the modification option appears at the top of the security certificate. Once modifications are made, do not forget to save these changes by clicking the "Save" button.

13. The person who had access to the register is no longer with our institution; how do we cancel their account?
    To deactivate this account or change the password, please contact the Office of the General Registrar at the address indicated at the bottom of this page.