A Notary reform movement is taking hold around the globe as a number of countries have started implementing significant improvements to their notarial practices and procedures that should make doing business in those countries easier and more efficient.
In Armenia, the Ministry of Justice issued new rules stipulating the prices for notarial various services in an effort to prevent clients from being overcharged. The rules also require Notaries to post the price list in their offices so clients know exactly how much services will cost. A Ministry spokesperson said the rules were intended increase competition and the quality of service. The Ministry also created a new department to oversee the activity of the countries Notaries.
The Mediterranean island nation of Malta is close to enacting the most sweeping reform since its Notarial law was first passed in 1927. The legislation, which has the support of the country’s Notarial Council, would impose strict rules for handling clients’ money, require Notaries to maintain errors and omissions insurance, and increase penalties for misconduct.
Because lax Notary laws in other nations can make it difficult to trust the most basic and important transactions, these reform efforts should make it easier for U.S. companies engaged in international trade, real estate and other transactions to do business.