Ordinance On The Duty Of Information By Commercial Trade In Mortgages In Real Estate And Of Certain Traffickers Treatment Of Fiduciary Mortgage Deed And Guarantee

Original Language Title: Bekendtgørelse om informationspligt ved erhvervsmæssig handel med pantebreve i fast ejendom og om visse pantebrevshandleres behandling af betroede midler og garantistillelse

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=133907

Overview (table of contents) Chapter 1 Chapter 2 scope the information duty Chapter 3 Chapter 4 fiduciary interests in fiduciary Oversight and punishment Chapter 5 Annex 1 The full text of the Ordinance on the duty of information by commercial trade in mortgages in real estate and of certain traffickers treatment of fiduciary mortgage deed and guarantee

Pursuant to § 3, STK. 4, section 8 (2) and section 22 (4) of law No. 697 of 25. June 2010 on mortgage deed companies fixed: Chapter 1 scope § 1. This Ordinance shall apply to the undertakings covered by article 2, paragraph 1, of the law on mortgage deed companies.

(2). Companies within the scope of § 5 (1) (8). 1 of the law on financial business, buying or selling commercial mortgages, are only covered by chapters 2 and 5.

Chapter 2 section 2 of the obligation to provide information. Companies within the scope of § 1, in connection with commercial sales of mortgages in real estate give certain information about mortgage letter to the buyer.

(2). The information must be given to the buyer prior to the conclusion of an agreement on trade in mortgage letter. Information under section 3 shall be communicated to the buyer on paper or on another durable medium.

§ 3. From the sale of mortgages in real estate, the buyer shall receive information about mortgage letter and the circumstances in which it is issued. There must, as a minimum, the following information: 1) information on mortgage letter has been issued in connection with the exchange of property, ordinary free trade, which borrow pantebrev and/or by inheritance or gift.

2) information on mortgage letter is nyudstedt or issued previously and subsequently resold.

3) If secured the letter has been resold to the time of the transfers must be reported.

4) information about all handler with the property the past 3 years and the purchase price for each trade.

5) Documentation for the seller's title to the mortgage letter.

6) what type of property mortgage letter are things like in, including whether it is a residential property, rental property, commercial property or other forms of property.

7) property's latest public assessment and if known, also the market value of the property at the time of the transfer of the mortgage property assessed by an intermediary within the meaning of the letter. law on circulation of real estate section 8. Real estate intermediary's registration No. and evaluation theme must also be reported. The assessment should not be made more than 6 months. before the transfer of a mortgage letter.

8) information on mortgage letter priority position, as well as information about possibly trailing priorities and any easements, which have an impact on the pantets value.

(2). Information referred to in paragraph 1 may be granted by filling in the table in annex 1.

Chapter 3 section 4 of the fiduciary. A mortgage deed company dealing in mortgages in real estate with consumers and which receives funds belonging to a consumer shall insert these funds in a financial institution on a separate client account, covered by a warranty, see. Chapter 4.

§ 5. A customer account is created in the name of the company and is subject to the company's disposal.

§ 6. A customer account may only be created at financial institutions, which by one of the Danish financial supervisory authority approved statement has committed itself to comply with the provision in paragraph 2.

(2). Regardless of the different between being with the company or any of its customers to the Bank not by set-off or otherwise dispose of something on a customer account representative for the amount which is necessary to cover the company's corresponding to the third man for fiduciary.

§ 7. On the customer account, all within the next business day after inserted fiduciary receipt, including sums paid by the consumer for the organisation of attachment for the consumer.

(2). The exception is the amount paid to the consumer immediately.

§ 8. Any mortgage deed company shall maintain a list of trusted products. The company must also have developed a business that ensures proper and timely registration of fiduciary.

§ 9. Mortgage deed companies must annually submit a declaration with high degree of security to the Danish financial supervisory authority from a chartered or certified accountant to § 8 are complied with, including whether a random review of the list in conjunction with customer account identified significant errors or omissions herein.

(2). Auditor's statement must also confirm that the company has complied with its obligation to inform the Danish financial supervisory authority, if the turnover with mortgages to consumers has changed more than 25% of the basic regulation. section 11 (3), 2. PT.

(3). Have a mortgage deed company customer account posting, see. § 8 been deficient or have the company in fact violated the rules about treatment of fiduciary, FSA may impose on the company for a set period of time or by the FSA so far to submit a customer account statement from the auditor referred to in article 6. (1) every three months or with any other of the supervision provided interval.

Chapter 4 interests in fiduciary § 10. It is a condition for the mortgage deed companies that professionally deals in real estate mortgages with consumers can receive monies without prejudice. sections 4-9, the existence of a statement from an insurance company or a financial institution (hereinafter guarantor) on that 1) guarantor as even the debtor warrants claim for payment of the monies referred to in article 6. sections 4-9 which can be directed against the company by a consumer, that is all mortgages in real estate with the company, 2) guarantees after its content allows the secured a direct claim against the guarantor, 3) warranty, cover requirements, which relate to funds entrusted warranty from the date of entry into force, and until it is brought to an end (the warranty period), see. § 12, 4) the guarantee shall cover not less than 1 year at a time, and to 5) the guarantee is not subject to any other restrictions than those after this Decree allowed.

§ 11. FSA sets out the amount of the guarantee. When assessing the size of the guarantee shall be taken as a starting point in the company's turnover of mortgages in real estate for consumers in the previous year. In connection with application for permission to trade in mortgages, the company must submit a budget that will form the basis for setting the FSA guarantee size. No matter the size should not, however, be to safety more than 5 million dollars.

(2). For corporations subject to the transitional arrangements referred to in article 6. law on mortgage deed companies article 24, paragraph 1 are submitted last calendar year's annual financial statement or tax return.

(3). The company is committed to continuously assess whether the guarantee is sufficient to cover the requirements, a consumer may have against the company. The company has a duty to immediately inform the financial supervisory authority, if the turnover of mortgages in real estate with consumers in two consecutive quarters differs by more than 25% in turnover ratio for the two most recently completed quarters prior to the recent establishment of the guarantee.

(4). A change in the company's turnover of 25% or more could lead to the guarantee should be amended accordingly.

§ 12. The guarantee may be limited in time, so that it only covers claims raised against the guarantor not later than 3 years after the end of the task, which triggers the requirement.

(2). The time limit referred to in paragraph 1 shall be suspended at the insured person's legal proceedings against the company.

(3). The guarantee can only be brought to an end on warranty manufacturer's request with effect from a certain date, which may not occur earlier than one month after receipt of the request of the FSA. Guarantor may, however, require that the guarantee is brought to an end the week after receipt of the request if the request is justified in the Danish financial supervisory authority in the company's fraud.

Chapter 5 monitoring and punishment section 13. With fine punished anyone who fails to comply with an injunction granted pursuant to the law on mortgage deed companies.

(2). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

§ 14. The notice shall enter into force on the 15. November 2010.

(2). Paragraph 3 applies only to mortgages issued after the 15th. November 2010.

The Danish financial supervisory authority, the 8. November 2010/Annette Bjaaland Andersen, Ulrik Nødgaard



Annex 1 information on mortgage letter Customer name and CPR/CVR number (6 digits):



 



 

 





Guarantor name and CPR/CVR number (6 digits):



 



 

 





Mortgage letter principal: Mortgage letter residual debt:



 



 

 





Mortgage interest: the letter



 



 

 





Mortgage letter granting:



 



 

 





Arrears on mortgage letter:



 



 

 





Date of issue:



 



 

 






Issued in connection with:





Mageskifte:



 

 



 



Alm. free trade:



 

 



 



Other equity:



 

 



 

 

 

 





Is mortgage letter nyudstedt?





Yes:



 



No:



 

 





If no reported date of sale



 

 

 

 

 



 



Date



 

 



 

 

 

 



 

 

 

 



 

 

 

 









The property as a mortgage letter gives a mortgage:



Matr.nr.:



 





Ejendomstype:



 





Address



 





Latest public assessment of the property



 





Any assessment of the real estate intermediary

Documentation must be attached to the



 





Mortgage priority letter post including above liens



 





Foreclosure auction date requested:





1. auction __________





2. auction __________





 

 

 





All trades with the property the past 3 years and the purchase price of each trade





Date





Purchase price







Are there things like easements or trailing priorities on the property, which has influence on the mortgage value of the letter to be attached to these in the copy.



 













 

 





Date





Seller's signature