The existing system contains no limits on accessing the information. The information that is recorded

now is the entire agreement, at least at the time they entered into the agreement, between the parties. As a result, it sets out all the financial details, the amount that's intended to be borrowed, repayment schedules, all of the financial details as well as the goods that are collateral under the agreement. That information is available to anyone who comes to the office and requests photocopies of any of those documents.

Under the system this act would put in place, the information that is entered into the registry system is still fully accessible by all members of the public, but the only information that is entered in is the information really essential to begin to make a decision in terms of financing. That is essentially the name of the parties and a brief description of whatever the collateral may be for the particular loan. There isn't a provision to typically note how much is intended to be borrowed, merely that some amount is intended to be borrowed and the collateral which is the security for that loan.

It is only the key information that would be available directly through the computer system. It would be a more broad-based availability. It wouldn't be something that would be available necessarily only in Yellowknife, but it cuts it down to the essential information necessary to be known. Once the prospective lender has identified that the collateral they would intend to take as security is included on a particular statement, they would then have to go to the person they are proposing to lend the money to and have them obtain directly from the other party complete financial details. So, essentially, apart from law enforcement officials and a few narrow exceptions, it is typically just the borrower who is, under the act, entitled to request the complete details from the person they originally borrowed the money from of what may remain owing and what the terms of the agreement are.

It strikes a more proper balance between the information that is necessary to be able to make an informed decision when lending money and doesn't violate the privacy of the individual by revealing to anybody who is interested in all financial information.