Second

Session, 47th General Assembly

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 Ac t 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

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

Section 5 of the Services Charges Act is repealed and the following substituted:

Land registration charge

(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