Regulatory Alerts2023-12-01
Circular No. 2023-02: Operational Provisions for the Application of Article 34 of Law No. 70/2004
The General Director of the Central Bank of the Republic of San Marino issued Circular No. 2023-02 to establish operational procedures for payment installment requests under Article 34 of Law No. 70/2004, as amended by Law No. 132/2023. The circular mandates that debtors with tax notices exceeding €2,000 must provide bank guarantees or mortgages to secure installments lasting up to 120 months, with strict conditions for default and enforcement. It further regulates the restructuring of existing installments and links payment regularity to eligibility for future payment promises, while protecting primary residences from seizure under specific exceptions.
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