Establishes Payment Facilities To Borrowers For Residential Housing Of The Pre-Tax Institutions And Provides A Form Of Repetition In The Cases Indicated By The

Original Language Title: ESTABLECE FACILIDADES DE PAGO A DEUDORES POR PRESTAMOS HABITACIONALES DE LAS INSTITUCIONES DE PREVISION Y SEÑALA FORMA DE REPACTACION EN LOS CASOS QUE INDICA

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Article 1.-To apply to social insurance institutions to grant their debtors for the purchase of dwellings whose debts had been contracted prior to 31 May 1983 and are expressed in Development Units, one of the institutions of the a reduction in the monthly dividend of the service of its debts, as requested before 31 October 1983, and which shall be achieved by the following amounts: (a) Forty per cent for the period from 1 August 1983 to 31 July 1984;
(b) Thirty per cent during the period from 1 August 1984 to 31 July 1985;
(c) Twenty per cent for the period from 1 August 1985 to 31 July 1986, and
(d) Ten per cent during the period from 1 August 1986 to 31 July 1987.
As from 1 August of this year, the service of the debt will be resumed under the same conditions as the date of entry into force of this law.
In the case of receivables which have an original maturity date of prior to 31 July 1987, the respective debtors shall pay until that date, instalments which shall cover the reductions corresponding to the letters in accordance with the letters of the original (a), (b) and (c) of this article.
The share of the debt not covered by the alluded reduction shall be served, to the expiry of the period originally fixed or agreed for payment of the debt, in the number of instalments required for the termination of that debt and in the amount of the debt owed to the debt. the same conditions that were previously established or agreed.