5

 


 

Second Session, 47th General Assembly

62 Elizabeth II, 2013

BILL 5

AN ACT TO AMEND THE SERVICES
CHARGES ACT

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE THOMAS W. MARSHALL, Q.C.

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTES

This Bill would amend the Services Charges Act to

·         change a reference to the basis for a fee payable for the registration of a mortgage of land from "the value of land" to "the amount of indebtedness" to ensure consistency with fees prescribed under the Registration of Deeds Act, 2009;

·         clarify the formula for the calculation of land registration fees; and

·         update the Act to include a reference to the Registration of Deeds Act, 2009 and to add a reference to "notice of mortgage" to be consistent with that Act.

A BILL

AN ACT TO AMEND THE SERVICES
CHARGES ACT

Analysis


        1.   S.5 R&S
Land registration charge


Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SNL1998 cS-13.2 as amended

        1. Section 5 of the Services Charges Act is repealed and the following substituted:

Land registration charge

        5. (1) A charge is payable to the Crown for the registration in the Registry of Deeds under section 7 of the Registration of Deeds Act, 2009 of a conveyance of land, a notice of mortgage or the assignment of a lease of land.

             (2)  The amount payable under subsection (1) for each registration of a conveyance or an assignment of a lease of land shall be paid at the time of registration and shall be

             (a)  $100, where the value of the land that is the subject of the registration does not exceed $500; and

             (b)  where the value of the land that is the subject of the registration exceeds $500, $100 plus $0.40 for each additional $100 or part of $100.

             (3)  The amount payable under subsection (1) for each registration of a notice of mortgage shall be paid at the time of registration and shall be

             (a)  $100, where the amount of indebtedness secured by the mortgage does not exceed $500; and

             (b)  where the amount of indebtedness secured by the mortgage exceeds $500, $100 plus $0.40 for each additional $100 or part of  $100 to a maximum of $5,000.