The Dominican Republic Commercial Banks Association (ABA), the Savings and Credit and Credit Corporation Banks Association (Abancord) and the Savings and Loans League, Inc (Lidaapi) are taking Notary Law 140-15 to the Constitutional Tribunal on the grounds that it violates the Constitution. The banks say the increase in costs will affect Dominicans’ constitutional right to housing.
The bank associations issued a press release summarizing their position that was submitted to the Constitutional Tribunal yesterday, Wednesday 14 October 2015. The organizations are represented by lawyers Francisco Alvarez Valdez and Kharim Maluf Jorge from the Headrick Rizik Alvarez & Fernandez law firm.
The financial entities are challenging the major increases in the cost of notary public services, in some cases up to 1,600% of the previous fees. They say this would encourage more operations in the informal sector.
The banks estimate that if the RD$134 billion in housing financing were to be maintained, in a year’s time notary public fees for the housing sector alone would have to be RD$1.39 billion as a consequence of the new law. This is up RD$1.26 billion compared to the previous fees.
http://www.aba.org.do/images/documentos/leyes_sfd/carta_diputados_ley_notarios.pdf
Instituciones financieras piden declarar inconstitucional la Ley de Notariado 140-15