Restructuring Of Mortgage Credits Pre-Convertibility Object - Procedure - Full Text Of The Norm

Original Language Title: REESTRUCTURACION DE CREDITOS HIPOTECARIOS PRE-CONVERTIBILIDAD OBJETO - PROCEDIMIENTO - Texto completo de la norma

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REESTRUCTURATION OF HIPOTECAR CREDITS PRE-CONVERTIBILITY Law 26.313 Object. Procedure for the restructuring of mutual mortgages covered by article 23 of Act No. 25,798, in accordance with the guidelines of Act No. 26,177. Credit calculation. Cancellation. Implementation Authority. Watch. Posted: November 21 of 2007 Partially promulgated: December 6 of 2007

The Senate and Chamber of Deputies

of the Argentine Nation gathered

in Congress, etc.

forcefully sanctioned

Law:

RESTRUCTURE OF CREDITES

HIPOTECARIOS

PRE-CONVERTIBILITY

ARTICLE 1 The purpose of this Act is to guarantee the rights protected by articles 14 bis and 75 (2) 12 and 32 of the National Constitution and to establish the procedure for the restructuring of the mutual mortgages covered by article 23 of Law 25,798, in accordance with the guidelines of Law 26,177.

In all cases, only the conditions established by the originating operator or the guidelines of the originally contracted loans shall be taken into account, which has occurred first.

ARTICLE 2 The receivables shall be recalculated by the enforcement authority in accordance with the guidelines set out in the mutual origin. To that end:

(a) Updates will only be applied until 31/03/1991 in accordance with Act No. 23.928.

(b) Interest capitalization will not apply.

(c) The balances as at 31/07/1986 will be reduced by 32,3249% in accordance with decree 1096/1985.

(d) All credits shall be applied to the decrease provided for in article 7 of the Act 24,143.

(e) The recalculated capital will be discounted from the payments made by the borrower.

(f) Payments charged to administrative or management costs, insurance or any other payment provided for in the mutual respect, which are not properly credited and justified by the creditor entity, shall be considered as payments on account.

Article 3 Please provide for the cancellation of the credits reached by this Act that credit any of the following requirements to the enforcement authority:

(a) To have canceled the total amount of the contributions originally agreed upon.

(b) The death of the holder or co-title has occurred, provided that the debtor at the time of death has been paying the life insurance or death insurance, irrespective of the actual contracting by the creditor entity of the corresponding policy.

(c) That the credit has been granted within the framework of the various operators created for emergency response.

(d) That the updated value of the property is less or equal than the amount paid by the debtor with sustenance in the mutual mortgage in accordance with Law 24.283.

ARTICLE 4 Determined the existence of outstanding balance, the amount of the balance will be cancelled in contributions, calculated in accordance with the French amortization system and will not be added to other concepts such as insurance, administrative or management costs.

The value of the quotas cannot exceed the VEINTE BY CIENTO (20%) of the income of the family group.

ARTICLE 5o For the purposes of compliance with the provisions of this Act, stay on the basis of the entry into force of the present Act and until the time limit provided for in Article 2 determines the origin of its cancellation in the terms of Article 3 of the present or the time limit provided for in Article 7 of the Act, which occurs first, the process of foreclosure and in particular the execution of judicial decisions, the evictions of any other The suspension shall be in all cases, with the exception of those in which the sale has been perfected, as such when the auction has been approved, the price or the part corresponding if the facilities have been provided and the actual and effective tradition of the good has been made to the buyer. ARTICLE 6 In the event of doubt about the application, interpretation or scope of the present, it shall be decided in the most favourable sense to the borrower, to the subsistence and preservation of the housing and to the integral protection of the family in the terms of article 14 bis of the National Constitution. ARTICLE 7 The Ministry of Economy and Production shall be the authority for the application of this law, having the authority to proceed with the calculation provided for in Article 2 or to determine the origin of its cancellation in the terms of Article 3 and to dictate the regulations necessary for its implementation.

The calculation of the mutual mortgages provided for in Article 2 or, where appropriate, the determination of the mutual to cancel under Article 3 shall be implemented within a period of UN (1) year from the entry into force of the present. This period may be extended for one time and for the same period by a decision founded by the implementing authority.

ARTICLE 8 The above provisions are of public order and shall have effect from their entry into force. Without prejudice to any event this law will be applied retroactively to all the cases contemplated, except for the assumptions provided for in Article 5o in fine. Article 9 This law shall enter into force on the day after its publication in the Official Gazette. ARTICLE 10. Contact the Executive.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE VEINTH DAYS OF THE MONTH OF NOVEMBER OF THE YEAR DOS MIL SIETE.

_

ALBERTO E. BALESTRINI. . MARCELO E. LOPEZ ARIAS. . Enrique Hidalgo. . Juan H. Estrada.

Decree 1853/2007

Bs. As., 6/12/2007

VISTO Issue No. S01:0457767/2007 of the Register of MINISTERY OF ECONOMY AND PRODUCTION and Bill No. 26.313, sanctioned by the HONORABLE CONGRESS OF NATION on 21 November 2007 and

CONSIDERING:

That the Bill cited in the Hittite establishes the mechanisms for the restructuring of preconvertibility mortgages, as a result of the process originally initiated by Law No. 25,798, a regime that created the Hypotecrian Refinancing System.

That Article 23 of Act No. 25,798 established a retaliation unit, with the aim of analysing the mutual mortgages that were eligible under the terms of that law, and which had been concluded prior to the validity of the austral convertibility provided for in Act No. 23,928.

That subsequently, Act No. 26.177 amended the wording of Article 23 of Act No. 25,798 by establishing a number of guidelines to which the said Unit should adhere.

That Article 1 of the Draft Law No. 26.313, with a view to guaranteeing the rights protected by Articles 14 bis and 75, paragraphs 12 and 32 of the NATIONAL CONSTITUTION, establishes the procedure for the restructuring of the mutual mortgages covered by Article 23 of Law No. 25.798, in accordance with the guidelines of Law No. 26.177.

That the second paragraph of that article provides that in all cases only the conditions established by the originating operator or the guidelines of the loans originally contracted shall be taken into account, which has occurred first.

That the exclusive application of the conditions of origin of the credit operators puts aside consolidated situations under the validity of various normative provisions, affecting legal security and the right of ownership beyond reasonable regulations of such rights.

In view of the above, the second paragraph of the proposed rule should be fully observed.

That Article 2(d) of Bill No. 26,313 establishes the application of Article 7 of Law No. 24,143, which is repealed by its similar No. 24,855.

That Article 3 (a) of the Draft Law No. 26,313 provides for the cancellation of the receivables made by it that credit to the enforcement authority having cancelled the full amount of the originally agreed contributions.

That the measure in analysis is not reasonable in respect of the purpose pursued, that is, the cancellation of the receivables.

It is therefore relevant to observe Article 3 (a) of the proposed rule.

That, for its part, Article 8 of the rule in project states that its provisions are of public order and will produce effects from their entry into force, without prejudice to which, and to any event, they will apply retroactively to all the cases contemplated, except for the assumptions provided for in Article 5o in fine.

That the so-called retroactivity deserves similar remedy, for which purpose it is advisable to observe the last sentence of Article 8 of the projected norm.

That the measures proposed do not alter the spirit or unity of the Project sanctioned by the HONORABLE CONGRESS OF NATION.

That the Directorate-General for Legal Affairs of the Ministry of Economic Affairs And PRODUCTION has taken the intervention that belongs to it.

That the NATIONAL EXECUTIVE PODER has jurisdiction for the dictation of this decree under Article 80 of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION IN GENERAL AGREEMENT OF MINISTERS

RIGHT:

Article 1 Note the second paragraph of Article 1 of the Bill registered under No. 26,313. Art. 2o . Note Article 2(d) of the Bill of Law registered under No. 26,313. Art. 3o . Note Article 3 (a) of the Bill of Law registered under No. 26,313. Art. 4o Note the phrase "Without prejudice to any event this law will be applied retroactively to all the assumptions contemplated, except for the assumptions provided for in Article 5o in fine" in Article 8 of the Bill registered under No. 26.313. Art. 5o With the salvedades set out in the preceding articles, please fill in, promute and tengase by the National Act the Bill registered under No. 26,313. Art. 6th Note the Permanent Bicameral Commission of the HONORABLE CONGRESS OF NATION. Art. 7o Contact, post, give to the National Directorate of the Official Register and archvese. . KIRCHNER. . Alberto A. Fernández. Aníbal D. Fernández. . Nilda C. Garré. . Carlos A. Tomada. . Miguel G. Peirano. . Alberto J. B. Iribarne. . Alicia M. Kirchner. . Julio M. De Vido. . Jorge E. Taiana. . Ginés M. González García. . Daniel F. Filmus.