THE House of Representatives is expected to pass the report of a Joint Select Committee (JSC) on the much-anticipated Security Interests in Personal Property Bill, when it meets this afternoon.

The Bill will facilitate the creation of security interests in personal property outside of land ownership, and including property like motor vehicles, machinery/ equipment and household items, by setting up a central registry for these assets and as well as provisions in the Act for the administration of the property.

It stems from Jamaica’s commitment in its Letter of Intent to the IMF to “establish a Secured Transactions Framework to facilitate improved access to credit, through the inclusion of movable property as allowable forms of collateral”.

It is one of several new Bills being fast-tracked by the Government through Parliament to satisfy the IMF’s structural benchmarks under the Extended Fund Facility.

However, a number of concerns have been raised about the provisions of the Bill, since it was before the JSC chaired by Minister of Industry, Investment and Commerce Anthony Hylton. Some of these concerns are likely to be expressed in today’s debate, but despite the concerns, the Government says that the Bill must be passed today.

The House will also hear a statement on the International Day of Persons with Disabilities from Minister of Labour and Social Security Derrick Kellier, while Opposition MP Desmond McKenzie will open the debate on his motion asking the House to request that the Ministry of Finance and Planning invest more funds in improving the efficiency of the fire service this year.