The project would try to open a “monopoly” of bank notaries when processing loans

The law will try to recognize the autonomy of financial users when they choose the notary that handles their loan procedures. For decades, banks have had the practice of having a base of professionals, a detail that would contradict the promises of free choice.

“The aim of the project is to expand the ability of users to choose the notarial services they need, which are most suitable for them, when making a formal loan with a financial entity for the acquisition of a movable property or property ,” explained the author. assistant Gilberto Campos, the sponsor of the project.

The representative of the Progressive Liberal indicates that both Article 46 of the Constitution and various international instruments indicate that the client should have the ability to make more choices regarding economic decisions.

This would provide a framework for the ability to choose the notary that will be the responsibilities of a user when they get a loan.

This would require a change in the country’s banking regulations.

“The law of the Central Bank establishes a crude limitation that closes the market of notaries who participate in the registration of assets. Both furniture and buildings,” says Cruz, indicating that it would be about opening the offer.

“By complying with banking regulations, notaries who are currently excluded from this possibility could do so by complying with the requirements and requirements,” he said.

In its original version, the project proposes that the Central Bank Law expand its article 173 as follows:

How is it done by notaries in other countries?

According to the bill, the question of choosing the notary goes hand in hand with the other rights of the debtor. This includes guarantees of the right to information, education and transparency, among others.

“The consumer’s right of choice must be around the ability to obtain goods freely, once the practices that may be aimed at making the consumer consent to a financial contract “Unwanted or unclear to be investigated and identified over time may be against their economic and legal interests,” said the file.

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The situation is compared to that of other countries. As Comparative Law, we talk about rules for notaries in cases like:

• Argentina: the buyer chooses the notary who will participate in signing the public sale deed. If the contracts are with banks, they can hire the professional who makes the mortgage. In fact, the buying and selling procedures are recorded by whoever the client chooses.
• Colombia: the Superintendent of Finance of that country considers any provision that imposes an “abuse clause” on the service of special lawyers.
• Spain: consumers have the right to choose a notary freely. The only exception is when the State or Local Government gets involved in the business.

“In our country, the independent user has such rights of choice when it comes to financing guaranteed by pledges or mortgages, leaving the financial user to how the notary public a the banking unit chooses,” the project criticizes. to close