Actualidad Peru

Bill for a Secured Transactions Act

Bill 3611/2013-CR

As part of the package of measures for economic recovery, the Executive has proposed this Bill with the aim of reducing costs in secured transactions  by movable assets and extending the scope of such security, in order to facilitate access to credit.

The main amendment proposals include: (i) creation of a Virtual Public Registry to replace the current Movable Property Contracts Registry; (ii) cost-free access to the Virtual Registry; (iii) immediate foreclosure of collateral without the need to inform the debtor through a notary public; and (iv) the possibility of performing legal acts relating to the collateral through e-mail notifications.

This Bill is currently under review at Committee stage in the Congress of the Republic