LAW OF REGISTRIES AND NOTARIES’ OFFICES
The Law of Registries and Notaries’ Offices, issued by the National Assembly, was published in Official Gazette No. 6.668 Extraordinary, dated December 16, 2021 (the “Law”). The changes included in this new Law refer mainly to the inclusion of the Petro (“PTR”) as unit of account for calculating the rates and fees for the procedures at Public, Principal, Mercantile Registries and Notaries’ Offices.
Below are the most important aspects of the Law:
- The regulatory changes are made mainly in the articles that rule the rate applicable to each registry and notary service provided by the Autonomous Service of Registries and Notaries’ Offices (Servicio Autónomo de Registros y Notarías – SAREN) in all of its offices nationwide (articles 29, 83, 84, 85, 86, 87, and 88). The Legislator established the maximum limits of the rates to be charged for the services of Registries and Notaries’ Offices, but the exact amounts of the rates applicable to each particular service were not established.
- The rate applicable to each service will be determined through an Administrative Ruling to be issued by the SAREN’s General Directorate and approved by the National Executive, without exceeding the maximum limits established by the Law.
- The Tax Unit (TU) will no longer be the unit of account for the calculation of the aforesaid rates and fees for processing of formalities. The Petro will be used for such purpose. The amounts of the rates will be calculated by multiplying the value of the Petro in effect on the date of the request by the rate established for each service and issued by the National Executive and by the SAREN’s General Directorate.
These changes became effective on December 16, 2021. However, there is a condition precedent for the actual application of same; the National Executive and the SAREN’s General Directorate have to establish the exact amounts of the rates applicable to each registry and notary service through the aforesaid Administrative Ruling. Said Ruling has not been published.
Finally, Repealing Provision First of the Law establishes that it repeals the Law of Public Registries and Notaries’ Offices published in Official Gazette No. 5.833 Extraordinary of December 22, 2006, which Law had already been repealed by the Decree with the Status, Value, and Force of Law of Registries and Notaries’
Offices published in Official Gazette No. 6.156 Extraordinary of November 19, 2014.
In order to access the Law, please click here.
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