Governor speeds Property Registry process after introducing bill

On May 14, 2010, Primera Hora reported that Governor Luis Fortuño introduced bill 2683 to speed the Property Registry and clear the backlog in document recording.

Fortuño said the measure “returns to consumers, notaries and the financial sector… certainty of recording” and enables economic development. According to the piece, in recent years Registry fee contributions to the General Fund had exceeded $1,000 million, while spending was under $300 million.

Even so, millions in fees were being lost to a backlog of about 600,000 documents — from more filings, slow computerized systems, documentary complexity and imbalance of human and fiscal resources. The delay, the piece explained, keeps mortgage and commercial loans from enjoying real collateral and hinders access to capital.

The Executive proposed a transitional measure to concentrate qualification and recording on documents tied to economic development, plus modernizing the Registry, reviewing the Regulation and Mortgage Law, and creating working groups.

Bill / announcement ≠ consummated reform. Historic GF fee contributions ≠ new disbursement or theft.

Source: Primera Hora. https://www.primerahora.com/noticias/gobierno-politica/notas/gobernador-agiliza-tramite-en-registro-de-la-propiedad-tras-presentar-proyecto-de-ley/