The period of registration is determined by the information contained in the financing statement which reflects the security agreement between the debtor and the secured creditor. It can be for a period of time or for a perpetual period. However if the collateral is described as consumer goods in the financing statement, this period of time cannot exceed 5 years. The period of registration does not need to be the same as the duration of the loan. This is common when the secured creditor expects to renew the loan.