The Act amends the Machinery Registration Act B.E. 2514 (1971), as amended by the Machinery Registration Act (No. 2) B.E. 2530 (1987), by:
- allowing private individuals who are duly licensed by the Central Machinery Registrar to inspect machinery in connection with applications for machinery ownership registration, instead of relying solely on the Competent Officials of the Central Machinery Registry to perform inspections.
- providing that machinery owners are no longer required to notify the Central Machinery Registrar if there is a relocation of mortgaged machinery within the industrial premises which is necessary in the ordinary course of work or business.
- stipulating related penalty provisions for the above amendments, and including a penalty if the offender is a juristic person. Rates of official fees have also been increased.
Apart from the above, the Act leaves intact the current machinery mortgage registration process. Further amendments may prove expedient once the Business Security Act comes into force.