Ordinance To The Law On Mortgage Loans And Mortgage Bonds, Etc.

Original Language Title: Bekendtgørelse af lov om realkreditlån og realkreditobligationer m.v.

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Overview (Table of Contents)

Chapter 1 Scope

Chapter 2 RealCredit Lots

Chapter 3 Examination of real-credit bonds

Chapter 4 Revenge and so on

Chapter 4 a Shonestly covered mortgage bonds and specially covered bonds

Chapter 5 Overhaul

Chapter 6 Appeals

Chapter 7 Penalty

Chapter 8 Entry into force and transitional provisions

Construction of mortgages and mortgage bonds on mortgages etc. 1)

This is an acquaintance on mortgages and mortgage bonds, etc., cf. Law Order no. 1412 by 10. In December 2007, with the changes that follow section 3 of the Act No 219 of 5. April 2008, section 6 of law no. 515 of 17. June 2008 and section 3 of the law no. 517 of 17. June 2008.

Chapter 1

Scope

§ 1. This law applies to real credit bonds, especially covered mortgage bonds, in particular covered bonds and other securities issued by mortgage payments and mortgages which are granted on the basis of such loans. In addition, the applicable law applies to the issuance of mortgage bonds in the country and mortgages, which are granted on the basis of such loans.

Stk.  2. For foreign credit institutions ' operations, cf. paragraph  ONE, TWO. PC alone applies to the section § 2-19 and 34-43. However, for foreign credit institutions that are affiliate with Danish mortgage credit institutions, a section 20 and 21.

Chapter 2

RealCredit loans

Security for mortgages

§ 2. Realcredits are granted against registered pant in real estate by the rules of this chapter. Loans without mortgage on solid property may be granted to public authorities or to the self-debtor guarantee from a public authority referred to in § 152 c (1).  1, no. 3-5, in the Act of Finance.

Stk.  2. Credit loans shall not be granted against collateral in the form of owning letters and indemtees. However, in cases where mortgages are given to the security of mortgages, indemsities may be used for the application of the solution.

Stk.  3. Realmortgmortgmortgmortgmortgmortgmortgmortgingmortgage, cf. paragraph  ONE, ONE. point, loans where the pantheon has been reported to be reported if the necessary security for the final state of the panthebank and without undue delay is provided by the end of the end of the pawn letter ; this applies only to : loans granted on the basis of special mortgage bonds covered.

Term and dragprofiles

§ 3. The maximum duration is 30 years, cf. however, paragraph 1  2. For the duration of the loan and the drainage profile, account shall be taken of the expected value degradation of the pan and the credit limits for the panty in force, cf. section 5.

Stk.  2. The maximum maturity age is 35 years for loans for public housing, youth housing and private coddwellings, provided that the loan is based on pledges for support under the law of public housing and supporting private cohabitat housing and so on

§ 4. Loans for full-year use and leisure houses may not be granted regardless of the security location slower than a 30-year loan, which is amortized over the maturity of a service, which is a fixed percentage of the main chair (annuity loan), cf. however, paragraph 2.

Stk.  2. The requirement of paragraph 1 shall be made.  1 may be waisted for a period of up to 10 years under the observation of section 3 (3).  1, 2.

Lock Limits etc.

§ 5. Within a loan limit of 80%. of the property value, loans can be granted to the following property categories :

1) Etenant housing for full-year use.

2) Private and Private Houses.

3) Private residential property for rental, including the housing housing.

4) Alment Housing.

5) Youth housing.

6) Elder housing, etc.

7) Property for social, cultural and educational purposes.

Stk.  2. Within a credit limit of 70% of the property value, loans may be granted to wheeled agricultural and forestry, gardensis; etc.

Stk.  3. Within a loan limit of 60%. of the property value, loans can be granted to the following property categories :

1) Fritidshuse.

2) Office and business navigendous.

3) Industry and Crafts endous.

4) Collective Energy Utilities.

Stk.  4. Within a loan limit of 40%. of the property value may be granted loans to other properties, including unfounded reasons.

§ 6. Loans can be provided regardless of section 5 the loan limit for the inward of both mortgage and credit institutions as well as the granting of loans. Loans after 1. Act. be measured with a maximum of cash equivalent to the amount of the deposit and the cost of the collection and payment of the loan.

Stk.  2. The granting of a loan shall be granted only under paragraph 1.  1 if the security of the pan-security is not significantly degraded.

Stk.  Paragraph 1 shall apply mutatis mums to mortgage credit in another institution where the valuation for the purposes of the measurement of the original loan has been carried out on the basis of approved purchase sums under the rule of law ; housing as well as supported private and residential homes, etc., the housing or the law of housing for the elderly and persons with disabilities.

Stk.  4. The loans granted for the collection of loans in certain non-profit housing departments, cf. law on the reprioritising of certain non-profit areas and so on, unable to pay, due mortgage payments with accrued interest payments form part of the loan measure basis.

Payment against warranty etc.

§ 8. When the conditions for the payment of the loan are fulfilled, loans may be granted, even though the pawn letter has been stapled with prejudice to the prejudice of prejudice, provided that security is provided to ensure that they are complied with ; deleted.

Stk.  2. A series or group of series with seriereservefund can absorbed hybrid core capital and responsible pawn capital. The solidarity provided for in paragraph 1.  Paragraph 1 may not be applied to the lender to cover requirements from the use of hybrid core capital and responsible loan capital. For series of remittance obligations, opened before the 1. 1. 1973. Act. non-use.

Stk.  3. A series or group of series with seriereservefund shall not be liable for the commitments entered into by the mortgage credit institution.

Stk.  4. In the terms of a series, the series will be determined that the series will be liable for the obligations of other serial numbers. Such a condition may be fixed only if these other comics contain similar conditions. In a series, like one after one. Act. where there is reciprocal liability, a mortgage bond may be granted only, cf. Section 22 (2).  1, 2..

§ 25 For series in which the borrowers shall be severally liable or where the provision is made after paragraph 22 (1).  2, the real credit institution shall set up a serierian fund. For other series or series of series, the Institute may select to create a seriereservefund.

Stk.  2. In the statutes or borrowing terms, the borrowers can be determined that the borrowers are entitled to receive a share of the serieressreserve fund.

Stk.  3. The income of the series consists of interest rates and the like of pantheon letters, deposits, contributions, fee and similar income, and the return of the series ' s assets and non-balance-sheet items. The cost of the show is made up of interest and similar securities and other securities, payments of reserve stock units, administrative expenses and similar costs incurred by recording and initiating hybrid core capital and responsible ; loan capital, loss and provision for probable losses on the asset ' s assets and non-balance sheet items as well as the share of real credit institution ' s tax.

section 26. Serial Server Fund resources are to be held separated from other funds in the real credit institution.

Stk.  2. The transfer of funds to a series or group of series of series of series of series of series of real-life credit institutions shall, incidentally, be required to satisfy the solvency requirement of the series or series of series, unless such a series of series, the transfer means that the mortgage credit institution will no longer be able to comply with the solvency requirement.

Stk.  Article 3. The general credit institution may provide that funds are to be transferred from a series or group of series of series with series reserves to the real credit institution, incidentally, where the serial of the Fund is or becomes greater. than required.

Stk.  4. Financial instruments must be included as assets or liabilities in a series or series of series of series with a series of series reserves if they are used to uncover the risks between assets relating to on the one hand, and on the other ; mortgages issued, in particular covered mortgage bonds and in particular covered bonds, if the financial instrument is determined by the agreement on the payment condition of the real credit institution, bankruptcy or non-compliance with the obligation to provide additional security after paragraph 33 d (1),  1 is not default.

Stk.  5. Financial supervision provides detailed rules for rules on series.

section 27. Declarations of a real credit institution, the resources of the series shall be used after deducting expenditure on the treatment of bankruptcy proceedings ; and the like, including the training of curators, personnel, etc., to the payment of claims from holders of mortgage bonds, in particular covered mortgage bonds, in particular covered bonds and other securities in the series or group of series of serial reserves and claims on the bankruptcy of the bankruptcy ; Withdrawal of interest on the claims referred to. They shall then be covered in section 25 (3).  The debt referred to by the mortgage credit institution shall be covered by the obligation to provide additional security, in accordance with the requirements of the mortgage credit institution. § 33 e. Overshooting agents are then included in the bankruptcy case, cf. bankruptcy slop section 32.

Stk.  2. Declarates a real credit institution, the funds are used after deduction of the costs of the treatment and the like, including the curator, staff, etc., in the institute, in the case of payment of the requirements of holders of the holders of the bankruptcy of the bankruptcy of the bankruptcy of the bankruptcy of the bankruptcy of the bankruptcy of the Danish Member of the Commission. mortgage bonds and other securities that have not been issued in series with serial reserves, and the claims of the decrees of the bankruptcy decree on expired amounts receivable. Funds that are used after 1. pkta, however, may not exceed the amount of the mortgage bonds and other securities corresponding to the mortgages and an amount equal to 8%. of the risk-weighted value of the pan-width. Overshooting agents are then included in the bankruptcy case, cf. bankruptcy slop section 32.

Stk.  3. Declares a real credit institution bankruptcy, equating counterparts to the financial instruments to cover risks in a series or group of real-credit bonds, in particular covered mortgage bonds, or in particular ; covered bonds, cf. Section 26 (1).  4, bankruptcy court with the proprietors of mortgage bonds, in particular covered mortgage bonds, or in particular covered bonds in the series or group of series, cf. paragraph  ONE, ONE. pkt., and sections Nos 31 and 32.

section 27 a. The holders of debt securities that have lost the term in particular covered mortgage bonds or special covered bonds, cf. Section 33 d (d)  2, and counterparts on the financial instruments maintain the legal status of bankruptcy which is granted to holders of special covered mortgage bonds, in particular covered bonds and financial counterparts. The debt equivalent shall apply to debt securities which the real credit institution is concerned with in order to provide additional security, cf. § 33 e.

Stk.  2. The provisions of section 27 b and 28-33 shall apply mutatis mums to debt securities which have lost the description of the mortgage bonds in particular, or in particular covered bonds and financial instruments.

section 27 b. Provenu of loans to which mortgage credit institutions are required to provide additional security, cf. Section 33 d (d)  1 which do not form part of a series or group of series shall in the case of bankruptcy of the mortgage service to cover the holders of the special covered bonds or in particularctively, respectively.

Stk.  2. For the responsibilities of the mortgage credit institution, the borrowers are not liable.

section 24. In the terms of a series, the borrowers may be determined by borrowing from the upper limits ; in the case of a show of solidarity towards the series corresponding to a more detailed set of the main chair of the panthebank, with deduction of a proportionate share of the resources of the serial fund. The LSpirits are not personally value.

Stk.  5. Accessories covered by Section 38 of the set-up Act may form part of the valuation of real property.

Stk.  6. Business hospitalized for use in a business environment may be included in the valuation of the valuation. In the case of agricultural property, the herd may be included in the continuous production of the premises, in addition to the valuation of the transferable. In the case of agricultural restoities, the value of the herd which is part of the continuous production of a maximum of 30% shall be the maximum amount of the herd. of the value of land and buildings.

Stk.  7. The loans of fixed property granted on the basis of the issue of special covered mortgage bonds or in particular covered bonds must be guaranteed by separate pantheon letters and may not be provided against the securities in the form of ownership letters and Indemless letters, cf. however, paragraph 1  Seven and nine. It must appear in the pawn letter that it may be safe for a loan financed by the issue of special covered mortgage bonds, or special covered bonds.

Stk.  8. Letters of immovable property that are the things before 1. In July 2007, loans may be guaranteed for loans financed by the issue of special covered mortgage bonds, or in particular covered bonds. No matter what. Act. However, the owner pawn letters and indemsical indemquisitions may not be available to the security of loans financed by issuing specific mortgage bonds in particular.

Stk.  9. For loans financed by the issue of special covered bonds, the requirement in section 11 (s) may be required.  ONE, ONE. point, that the borrower must own the property, and the requirement in section 23 (4).  1 that the borrower shall personally be waived in person ' s.

Stk.  The financial supervision of the financial system may be dispensers from paragraph 10.  6 for loans granted to immovable property located outside Denmark, the Faroe Islands and Greenland.

section 33 d. If the value of the assets referred to in section 33 a (a),  3, and section 33 (b) (b) ;  3, not at least equivalent to the value of the special covered mortgage bonds or in particular covered debt securities or are not complying with the loan limits which were in force at the time the loan has been granted, the mortgage credit institution must be provided ; promptly provide additional security to meet the requirement and to notify the Financial supervision thereof. Complementary security shall be provided in the form of the types of asset set up in section 152 c (1).  1, no. 1 and 3-7, in the law of financial activities. § 152 c (3)  3, in the Act of financial activities, shall apply mutatis mutis. The obligation to provide additional security and the costs to that loan may not be required for loans granted in Denmark to the borrowers whose decreasing property values have triggered the additional security requirement.

Stk.  2. If the mortgage credit institution does not provide additional security in accordance with paragraph 1,  ONE, ONE. in the case of a series of bonds issued in the series with the serial reserve fund in particular covered mortgage bonds, or in particular covered debt securities. The bonds that are losing the description in particular covered real-credit bonds may be terralist mortgage bonds if they meet the requirements for mortgage credit bonds.

Stop.  3. If the debt securities subsequently meet the requirements for specially covered mortgage bonds or in particular covered bonds, the Financial supervision may allow the bonds to be new specifically covered real-credit bonds or in particular covered bonds.

Stk.  4. Security has been secured in accordance with paragraph 1.  1 may not be reversed after the bankruptcy slots section 70 or § 72. However, recasting may be carried out in accordance with the said provisions, where the security has specifically not been presented as ordinary.

§ 33 e. Realcredit institutions, which are authorised to issue special circumstances ; covered bonds may take up loans to meet requirements to provide additional security.

Stop.  2. The loan agreement must be included in the loan agreement, which series or group of series with the seriervesivefund loans are recorded in accordance with paragraph 1.  1 can be executed.

Stk.  The loans referred to in paragraph 1 shall be taken into action by 3.  1 shall be placed in the stock types referred to in section 152 c (1) ;  1, no. 1 and 3-7, in the law of financial activities. The assets shall be placed on a separate account at the time when the loan is recorded, in a separate depot, or in any other way, in the case of the loan concerned. When the assets are used as additional security, they shall be included in the series or group of series with Series Fund.

§ 33 f. The Financial supervision provides detailed rules for

1) the valuation of the specific mortgages issued or in particular covered debt securities and the continuous inventory of the assets value compared to the in particular covered mortgage bonds or special covered bonds and

2) the valuation of assets that are security for the issue of special covered real-estate credits or special covered bonds.

Capital 5

Oversight

§ 34. The SEC will ensure compliance with this law and rules issued under the law.

Stk.  2. The Financial Company Council is included in the supervision of the institutions within the Council's area of competence as laid down in the Act of Financial Company.

Stk.  3. The financial supervision of the financial supervision may provide an injunction on matters which are contrary to the provisions of the law and rules adopted under the law. Where a mortgage is granted in contravention of the law or rules drawn up under it, the Financial supervision of both the mortgage and borrowing of the borrower may require a reduction of mortgage loan, so that the said provisions are to be taken, observed.

Stk.  4. The SEC may use foreign aid in special cases.

§ 35. The SEC can obtain information about real estate from other public authorities for the supervision of compliance with this law.

section 36. The Financial supervision may provide rules for reporting of real credit institutions

1) Restancers, Loss and Depreciation and Overlay properties,

Stk.  9. Confessions issued in accordance with the provisions of paragraph 1.  The above provisions shall be maintained. However, notice no. 646 of 27. In August 1998 on bankruptcy proceedings, etc. of real-estate credit institutions.

section 42. The status of the State of the State in accordance with Section 28 c of the Act on the Realtor of the Realm Act, cf. Law Order no. 571 of 15. In August 1989, the State Guarantee may, with an increase in interest and costs, be recovered by panting.

Stk.  2. The Finance Management Board may recover the provisions of paragraph 1.  1 the amount of the amount referred to in the person concerned in accordance with the rules for the recovery of personal taxes in the source tax law.

Stk.  3. The Minister for Food may lay down detailed rules for the procedure for the retention of pay.

Stk.  4. The Finance Management Board may obtain the information from the tax authorities and other public authorities of the person concerned in order to perform the recovery of the information referred to in paragraph 1.  1 the amount mentioned, including information on income and assets.

Stk.  5. Decisions pursuant to paragraph 1 of the Financial Management Board.  1-4 can be submitted for the Finance Minister.

§ 43. The Loven does not apply to Faeroe Islands.


Law No 90 of 31. January 2007 includes the following entry into force :

§ 100

Loven enters into force on 1. February 2007.

Stk.  2. (Excluded).

§ 110

The Loven does not apply to Faeroe Islands and Greenland.


Law No 577 of 6. June 2007 includes the following entry into force :

§ 12

Stk.  1. The Loven enters into force on 1. July 2007, cf. however, paragraphs 2-4.

Stk.  2-4. (Excluded)

§ 14

Stk.  Paragraph 19 of the Act on mortgage credit and mortgage bonds, etc., as drawn up by this law's section 2, no. 7, the mortgage bonds must be issued before the first 1. July 2007 shall be recorded for public listing on a stock exchange until 1. November 2007.

Stk.  Paragraph 20 (2).  Paragraph 1, and section 26 (4).  4, in the area of mortgage credit and mortgage bonds, etc. as drawn up by the section 2 of this law. 8 and 10 apply to mortgage bonds issued in series or groups of series with seriereservefund which has been opened on 1. July 2007, and then.

Stk.  EUR 3. For loans covered by § 33 c (3) (c)  2, in the case of mortgage credit and mortgage bonds, etc. as drawn up by the section 2 of this law. 18, the loan limit is 70 pct., if the loan is offered before the first 1. July 2009.

§ 18

Stk.  1. (Excluded)

Stk.  2. Loven's section 2 does not apply to Faeroe.

Stk.  3-4. (Udeladt)


Law No 219 of 5. April 2008 includes the following entry into force :

§ 5

Stk.  1. The Loven enters into force on 7. April 2008.

§ 6

Stk.  1. (Excluded)

Stk.  2. Loven's section 3 does not apply to Faeroe.

Stk.  3. (Udeladt)


Law No 515 of 17. June 2008 includes the following entry into force :

§ 10

Stk.  1. The Loven enters into force on 1. July 2008, cf. however, paragraph 2

Stk.  2. Loven's section 2, nr. 3 and 4, and section 6 will enter into force on the day following the Order in Stattators.

§ 11

Stk.  1. (Excluded)

Stk.  2. Loven's section 6 does not apply to Faeroe.

Stk.  3. (Excluded)

Stk.  4. (Udeladt)


Law No 517 of 17. June 2008 includes the following entry into force :

§ 13

Stk.  1. The Loven enters into force on 1. July 2008, cf. however, paragraphs 2 to 5.

Stk.  2. (Excluded)

Stk.  3. (Excluded)

Stk.  4. (Excluded)

Stk.  5. (Excluded)

§ 14

Stk.  1. The code does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1  2 and 3.

Stk.  2. (Excluded)

Stk.  3. § 3-5 and 9 may be set in full or in part for Greenland with the deviations from which the special Greenland conditions are attributable.

Finance-and The Ministry of Business, the 4th. September 2008Bendt Bendtsen / Henrik Bjerre-Nielsen
Official notes

1) The Loven contain provisions that implement parts of Directive 2006 /48/EC of the European Parliament and of the Council of 14. June 2006, on the admission and pursuit of business as a credit institution (recast), (EU-Official Journal of the European Official Journal of the European Official Journal (EU In 177, s. 1.

of 8. September 1997, as amended by Section 6 of Law No 414 of 26. In June 1998 and section 2 of the Law No 491 of 1. In July 1998, continue to apply, and the earlier applicable rules in section 21, 23 and 24, cf. Law Order no. 708 of 8. September 1997, as amended by Section 6 of Law No 414 of 26. In June 1998 and section 2 of the Law No 491 of 1. In July 1998, they shall continue to apply in respect of the section 39 (3).  1 6, the purpose of borrowing intended for the purpose of the municipal management board prior to 1. January 2002 has been committed to support.

Stk.  Section 4 of a financial institution for agriculture and so forth, cf. Law Order no. 699 of 5. November 1987, as amended by law no. 373 of 6. July 1988 and law no. 850 of 20. In December 1989, continued use of loans granted by Danish Landbrug RealCredit Fund in connection with refinancing mortgages of mortgages and so on in agricultural navigation.

Stk.  8. § 20 a-20 d fo