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DistrictOffice:
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PH:773-463-0720
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July23, 2014
Sent Via[Email]
Mr.Bruce Whittaker
PPSAReviewSecretariat
CommercialandAdministrativeLawBranch
Attorney-General's Department
3-5NationalCircuit BARTONACT2600
COMMITTEES:
Education
Energy
LaborCommerce
LicensedActivitiesPension
StateSenatorIrisY.Martinez
MajorityCaucusWhip
20111LegislativeDistrictofIllinois
Re: ReviewofthePersonalPropertySecuritiesAct
DearMr.Whittaker:
Thisletterisinresponsetothecallforsubmissions issuedbytheAttorney-General ofAustraliainconnection with the review of thePersonal Property Securities Act 2009 (PPSA).I write toexpress my concern that certain provisions ofthislegislation are beingmisused todisturb ordestroy theproperty rightsofAmerican companies doingbusinessinAustralia.
TheCityofChicago andtheCommonwealthofAustraliahavehistoricallyenjoyed closepolitical andeconomic ties.Our City isproud tobe the homeof an Australian Consulate-General and office for theAustralian Trade Commission. AustraliaisanimportanttradepartnernotonlyforourCitybutfortheStaleofIllinois-itiscurrently Illinois' fifthlargestexportmarket($2.7billion)andoneoftheState's fastestgrowingexportmarketsoverthelast
10 years.Given the significant amount of business being conducted by local companies in Australia, Iam concerned that the improper application of thePPSA may jeopardize property owned by localcompanies and endanger localjobs.
ThePPSAhascreatedanopportunity fordishonestentitiesinAustraliatoseizeAmerican-ownedproperty andhold ithostage. Byregisteringbogus"security interests"inpropertythatisownedbyAmericancompaniesandleased in Australia, these entities are attempting to secure the property and quash the ownership rights of American companies.This hascreated avery dangerous and unstable situation for localcompanies that export valuable equipmenttoAustraliapursuanttoshort-term leaseagreements.
AsStateSenator,IfeelcompelledtopetitiontheGovernmentofAustraliaandtheappropriatetraderepresentatives toprotectthepropertyinterestsofAmericanlessorsdoingbusinessinAustralia.Thiscriticalstep willensure that our traderelationship continues to flourish,creating jobsandstimulating economic growth inboth Illinois and Australia.
Sincerely,
StateSenatorIrisY.Martinez
MajorityCaucusWhip