Chile: Government presents bill to reform Notary sector

Chilean president Sebastián Piñera has signed a bill that seeks to improve and increase transparency in Chile’s public notary system, beginning with the modernization and introduction of new technologies, the facilitation and reduction of paperwork requiring notaries, and changes to the system of appointments and designation.

The document included references to the Market Study on Notaries carried out by the National Economic Prosecutor’s Office, which includes different proposals for improving competition in the public notary market.

The new system should help increase transparency, while new technologies will seek to be implemented in the way in which transactions are carried out, with the use of e-documents and electronic signatures. In addition, they will be subject to an evaluation examination over periods of no less than three years, with only one opportunity to fail.

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