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First
Session, 47th General Assembly 62 Elizabeth II, 2013 |
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AN ACT TO AMEND THE
SERVICES |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
JEROME P. KENNEDY, Q.C. Minister of Finance and President of Treasury Board |
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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 Analysis 1.
S.5 R&S 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 Section 5 of the Services Charges Act is repealed and the following substituted: Land registration charge 5.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. ©Queen's Printer |