On Aug. 9, PR RICO LEG passed a bill on arbitration organizations.
PR RICO LEG passed House bill PS 1199 to update law re arbitration proceedings.
When parties do not choose particular arbitration organization or one has been chosen.
Document dated Aug. 9, 2024, received from PR RICO Aug. 21, summarized Aug. 26.
Bill Provisions
Established new Puerto Rico arbitration act, for purpose of updating PR law governing arbitration proceedings when parties do not choose particular arbitration organization.
If one has been chosen, to serve as a complement to rules of the chosen organization.
Repeals PR Rico Act 376 May 1951, known as Puerto Rico commercial arbitration act. Also, repeal PR Rico Act 10-2012, Puerto Rico international commercial arbitration act.
Legislative History
On May 9, 2024, bill was introduced in Senate; on May 21, 2024, bill passed Senate.
On Jun. 4, 2024, bill was introduced in House; on Jun. 25, 2024, bill passed House.
On Jun. 25, 2024, bill ordered enrolled; on Jul. 12, 2024, bill delivered to governor.
On Aug. 9, 2024, bill was approved by governor and became Law 147-2024.
Effectiveness
Law 147-2024 effective Feb. 5, 2025.
Regulators
PR RICO LEG
Entity Types
CNSM; Corp
Reference
Law 147-2024, Bill PS1199, 8/9/2024; Citation: *PR Rico Act* 376, 10-2012;
