The Law Of Mortgage Associations

Original Language Title: Laki hypoteekkiyhdistyksistä

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Read the untranslated law here: http://www.finlex.fi/fi/laki/ajantasa/1978/19780936

In accordance with the decision of Parliament: Chapter 1 General provisions article 1 (8.8.2014/621), the Mortgage Association is the Act on credit institutions (610/2014) a credit institution within the meaning of. It is primarily in the form of erityistarkoituksena in the form of loans of funds raised is to grant long-term loans primarily for either security or to protect the security of attachment.


section 2 of the Mortgage in the name of the Association shall be the word mortgage Association.
But the Mortgage Association is entitled to the name, or else its activities to demonstrate the use of designations, a mortgage Association.

(3) repealed by L:lla 27.6.2003/595.



section 3 of the members of the Association are its founders, a mortgage for a period of five years established borrowers.
The borrower, that is, a mortgage Association received a loan only for the resources of the State, there is no mortgage.
The Mortgage Association is not responsible for the mortgage commitments of the Association or have a right to the property and share it to produce a victory.


section 4 section 4 of the (20.12.1991/1552) is repealed by L:lla 20.12.1991/1552.
Chapter 2 establishment of the section 5 of the Mortgage Association (30.12.1993/1613) Hypoteekkiyhdityksen can be set up at least 20 means any natural or legal person.
At least on the side of the mortgage of the founders of the Association must be a resident or, if the founder is a legal person, established in the European economic area, unless the financial supervision authority to grant the Mortgage Association for permission to deviate from this requirement. Authorisation may be granted if it does not compromise the effectiveness of supervision over the Mortgage Association and Mortgage Association in accordance with the principles of sound management and business. (27.6.2003/595)
To be legally incompetent or bankrupt may not be.
The establishment must be made the subject of a written agreement.


Article 6 article 6 (27.6.2003/595) is repealed by L:lla 27.6.2003/595.


section 7 of the mortgage banking association, the statutes shall lay down: (28.12.2001/1505) 1) the name and address of the Mortgage Association;
2) Mortgage Association area of activity;
3) what purposes and what kind of collateral against the loan mortgage Association;
4 the number of the amounts secured by way of the value of the assets) to the mortgage, the Association may grant a loan against this guarantee; (20.12.1991/1552) 5) number of the mortgage agreement, must be above the minimum requirements before it can begin to work;
6) how the sign-up fee for the additional fee are determined by the Management Board and how they charge 7) when the Mortgage Association annual meeting shall be kept and what it has to be dealt with;
8) when the Mortgage Association an additional meeting may be held and what are the issues in a meeting, you can deal with;
9) the way in which the size of the mortgage banking association meetings 9 (a)) the functions of the Administrative Board and the Assembly; (28.12.2001/1505) 10) how to Board members and the alternates shall be selected, as well as their number and term of Office;
11) Board of Directors quorum 12 paragraph repealed by L:lla 19.12.1997/1345.

13) member of the Board of Directors and alternate access to the Mortgage Association credit;
the order in which the applications of 14) credit, the Mortgage Association Board member or alternate is expected in the relevant interest;
15) Board of Directors members and alternate members of the eroamisikä;
15 (a)) and a member of the Management Board and the Executive Director and the Managing Director's Deputy, as well as the right to belong to the second mortgage Association staff in the management of the company; (28.12.2001/1505) 15 (b)) the order will be decided between the ceo and the members of the Board and the right to represent the credit institution; (28.12.2001/1505) 16) how to be organized and what is the hallinton of branches Branch Manager eroamisikä;
17) statutory auditors and their making their number;
18) when financial statements are made, and the audit will take place;
19) who are eligible to write the name of the Mortgage Association;
20) whether and under what conditions the founding fathers of the original own funds by paying for them or their successors; as well as 21) how the Mortgage Association funds must be used, when it is discharged or will be abolished.
When the Mortgage Association is specified, that the founders or their successors, can be used to pay back their mortgage to an association based on the repayment of capital, can take place only under conditions such that article 26 of the said more capital has been paid in full and that the repayment of a mortgage as a result of the solvency of the Association. section 8 (20.12.1991/1552) amending the rules of the Association shall decide on the mortgage, a mortgage Association meeting, on a proposal from the Government. If a majority of the members present at the meeting supports the proposal for an amendment is amended or unamended, finally to decide to move to another, no sooner than one month after the meeting. If the proposal in the form in which it was adopted at the previous meeting, in the meeting of the members of at least two-thirds of them want, is deemed to have been accepted.

2 article was repealed on 28 December 2001 L:lla/1505.



Article 9 Article 9 (27.6.2003/595) is repealed by L:lla 27.6.2003/595.


section 10 of the mortgage banking association has, before it starts business, assuming the trade register. The Declaration which is to be signed by all the members of the Board of the Association, the mortgage shall state: 1) to the date on which the mortgage banking association's rules are laid down;
2 the business name of the Association), the mortgage;
3) the Mortgage Association;
the amount of the original own funds, 4);
5) in what way the size of the mortgage banking association meetings;
6) Chairman of the Board of the Association of real estate mortgage, the Vice-President, as well as the full names of the members and alternate members, as well as their registered office; and 7) who are eligible to write the name of the Association and the mortgage on their home.
The notification must contain a government insurance, the mortgage banking association's initial capital is fully paid for, and must be accompanied by a strengthening of the rules, as well as a certified copy of the decision on the.
By the way, if applicable, in effect, what the commercial register notifications is provided.


Article 11 of the Association in the commercial register prior to the entry of the mortgage will not be able to buy or make commitments and not to apply for the position, or to respond to the courts or other authorities. The Government, however, can use the power of the President concerning the establishment of the Mortgage Association and otherwise, to take measures to obtain the authorized capital stock for the purposes of payment.
The mortgage on behalf of the Association in the commercial register by the registration for before it suffered from the obligation to be responsible, jointly and severally, or who participated in the action chosen. The agreement on the establishment of mortgage of the Association or its obligation which has arisen in this responsibility, however, after the signing of the mortgage in the trade register.
Chapter 3, section 12, of the Management Board of the Association of real estate mortgage Mortgage mortgage closing powers of members of the Association the Association's members present at the meeting.
The statutes may provide that a member who wishes to make use of their right to vote at the meeting, will be here for up to three days in the past to inform the Mortgage Association.


section 13 of each Member, which does not have overdue mortgage payments to an association, is meeting one of the sound.
Private members may be by proxy on behalf of not more than his or her spouse or another Member to vote. The legal representative of the legal person may be represented by it, or an authorized agent, even though he is not on the mortgage. No one is allowed to be delegated as an agent to represent more than one of the members.
When more people are responsible for the loan, can they only be jointly exercise their right to vote or to authorize someone to elect or second mortgage banking association's to represent themselves. If the spouses are responsible for the loan, is the other one of them without the power of attorney to represent the other spouse.


section 14 of the Board Member shall not take part in the decision-making process regarding the establishment or of the decision on the discharge for the financial statements, the management of the concerned, for which he is responsible, and not in the decision-making process for the election of Auditor.


the annual meeting of the Association, section 15, of the Mortgage shall be held every year on the rules during a specified period. The meeting may not take a decision on matters other than those who, under the law or the rules, the meeting dealt with or by the Government, or at least three members have tabled in writing and which are mentioned in the notice convening the meeting.
For a decision of the meeting shall, unless otherwise provided for in this Act or as otherwise provided in the rules of the Association, the mortgage it by the sounds of it. In the event of a tied election be decided by lot, but on other issues, to win it, to which the Chairman of the meeting has endorsed.


section 16 of the mortgage banking association's annual meeting has the task of: 1) confirm the financial statements for the financial year, and shall decide on the annual profits or which give rise to the financial statements in accordance with laid down in defeat;

2) confer on the Governing Board and the other accounts from the discharge, or to decide on the measures to be taken, unless the discharge is not granted;
3) provide for the Association of the members of the Management Board of the mortgage and the remuneration to the Auditors;
4) to choose from the members and alternate members of the Management Board; and 5) to select the accounts and administration of the Mortgage Association, distributed for verification, the Auditors. (10.7.1998/528)
Select the members and alternate members of the Administrative Council may, however, if the rules so it is prescribed, to be delivered to a special election of members of the Association submit mortgage supply, taking into account, however, what voting rights provided for in article 13.


section 17 of the real estate Association's Board of Directors and a management deal.
At least half of the members of the Board of the Association, as well as the President and ceo of the mortgage must be a resident of the European economic area, unless the financial supervision authority to grant the Mortgage Association for permission to deviate from this requirement. Authorisation may be granted if it does not compromise the effectiveness of supervision over the Mortgage Association and Mortgage Association in accordance with the principles of sound management and business. (27.6.2003/595)
Member of the Board and the management board member is not allowed to belong to spare.


section 18 of the mortgage banking association, the Management Board must have at least ten members. The role of the Board is to ensure that the mortgage banking association is used to treat with caution and carefully in accordance with the rules of law and, as well as the mortgage of the Association in accordance with the decisions of the Management Board, to the meeting.
In particular, the Management Board of the Association of real estate mortgage: 1) select and release them to the members and alternate members of the Board, as provided for in the choice of the Management Board;
2) provide for the interests of the members of the Board of Directors and deputy members of the salary;
3) select and be exempt from the real estate Association's Executive Director and other leaders, as well as provide for their wage advantages;
the establishment of a branch and 4) be adopted;
5) lay down the General conditions for the granting of credit;
6) the procedures to be followed to strengthen General Fund-raising; (20.12.1991/1552) 7) paragraph repealed by L:lla 20.12.1991/1552.

8) implications for the Treasury the Head Office of the Association at least twice a year, mortgage, accounting, securities and security documents as well as loans and commitments, as well as the liquidity of the treatment;
9) to ensure proper control of branches, Mortgage Association; as well as 10) lay down the criteria for the decision, with a view, in particular, the Mortgage Association account from an eye on it, that the mortgage assets of the Association are properly and carefully assessed and certified the financial statements of the mortgage to the meeting of the Association.


section 19 of the mortgage on the Board of the Association shall be a minimum of five members, who elect the Board. In addition, the Mortgage Association President and ceo and the rest of the head. (30.12.1993/1613)
The main task of his Government is the mortgage law and the rules of the Executive Board of the Association, as well as the Mortgage Association meeting and the decisions of the Management Board, and according to the instructions.


section 20 of the Mortgage Association, the Government position and is responsible for the mortgage on behalf of the Association. The challenge is to be regarded as the Mortgage Association have been adopted, as it has been communicated to the Board member or who has the right, individually or together with another person to write the Mortgage Association business.


20 (a) in the section (30.12.2004/1310) the Mortgage Association, the annual accounts and the annual report shall be drawn up in the accounting Act (1336/1997) and the law on credit institutions and to the provisions adopted in accordance with the provisions of the Finnish financial supervision authority.
The Board of Directors and the Managing Director shall update and sign up for the annual accounts and the annual report. If a member of the Board or the Executive Director has presented a dissenting opinion to the report of the Board of Directors, the annual accounts or the statement is to be included in her demand.
The annual accounts and the annual report shall be provided to the Auditors, not later than one month before it hosts the meeting, where the income statement and balance sheet shall be presented for verification.
Chapter 4-21 of Aktia real estate mortgage Mortgage business of the Association the Association is entitled to pursue its business subject to the limits laid down in this and other parts of the law.

2 this article is repealed L:lla 19.12.1997/1345.



22-23 of 22-23 of the Act has been repealed L:lla 20.12.1991/1552.



section 24, the Mortgage Association is to be used for the provision of the loan funds primarily to loans acquired to its members and as members of the ilmoittautuville. (20.12.1991/1552)
What is provided for in subparagraph (1) does not apply to the granting of loans passed from State resources.

(3) repealed by L:lla 20.12.1991/1552.



section 25 of the Loan when it receives the borrower is obligated to carry out the Mortgage Association Charter fee.
Borrowers can also charge, when it is considered necessary, the mortgage and other costs of the management of the Association, cover the annual administration fee.
What is 1 and 2, shall not apply to article 3 of the authorities referred to in paragraph 2.
Borrowers the full transfer by the entrance fees to the reserves.


section 26 of the mortgage banking association can be the mortgage of the Association by decision of the meeting, on the advice of the Government from the outside of the funds collected to form additional capital, if any, of the mortgage in order to continue the development of the activities of the Association, or is necessary.
Additional capital may be paid back to the authorized capital stock of the Association only in such a way that the mortgage is reduced and that in any year, shall be paid back more than half of the profits of the previous year. For the repayment of capital, shall apply to the addition to the law on credit institutions provided for in article 8 of Chapter 11 of the total minimum amount of own funds resulting from the restrictions. (8.8.2014/621) 3 is repealed L:lla 20.12.1991/1552.

the suspension of the activities of the Association, Chapter 5 of the Mortgage, liquidation and winding up (20.12.1991/1552) section 27 (20.12.1991/1552) the mortgage in the liquidation and bankruptcy of the Association shall apply, mutatis mutandis, to what the Savings Bank Act (1502/2001) in Chapter 8. (28.12.2001/1505)
If the mortgage banking association has not decided to continue and the Association of property not disposed of the mortgage business, may be after the mortgage has been paid or the payment of the liabilities of the Association the funds needed to put apart and other commitments met, people who want to, or successors, to pay back their mortgage repayment of capital of the Association based on the games according to the rules, if it is possible.
If the property will be left after this, left, is the surplus to be used for the purpose of the rules to determine the Mortgage Association. If necessary, the financial supervision authority shall decide on the use of the digital dividend. (27.6.2003/595)
The procedure laid down in paragraphs 2 and 3 shall also apply in the event that the mortgage banking association has run into bankruptcy and the bankruptcy proceedings after the funds have left.


section 28 of the decision on the Association of two or more of the mortgage or the allocation of more Mortgage Mortgage Association joining in organization has to be done in the same order as the change to the rules. The same applies to the decision on the termination of the activities of the Association, except when the mortgage the mortgage assets of the Association are due to a decrease in the extent of losses in the mortgage banking association's capital is at least half to be considered forfeited and no equity mortgage Association meet the prudential requirements, or when it appears that the mortgage banking association can meet its commitments. (22.1.1988/50)
The FSA will give more detailed provisions in each of the yksityistapauksessa on the action to be taken, how the mortgage associations Mortgage Association into an independent mortgage merge or organization. (27.6.2003/595)
The mortgage of the Association other than as referred to in sub-section 1, losses or payment difficulties is its excess funds to be used for the mortgage of the Association in accordance with the decision of the meeting of the rules to a specific purpose, taking into account article 3 of the provision at issue. People who want to, or their successors, may, however, if the rules of this order, to pay back their mortgage to an association based on the capital.


Article 28 a (13.6.1997/582) For all the shares in a private limited company owned by the Mortgage Association, the Government of the Association and the Board of Directors of the mortgage of the share may agree to share the company's merger with the mortgage. The case of a merger shall apply by analogy, what savings bank provides in article 81 of the law.
Chapter 6 miscellaneous provisions article 29 of this law shall also apply to the existing at the time of entry into force, on 24 April 1925, mortgage Associations Act (130/25), a Finnish Aktia real estate mortgage and mortgage of 8 January 1927, the Associations Act (1/27), in accordance with the Finnish Housing Mortgage Bank that is working, however, the following transitional rules.
The Finnish Association of real estate and the entry into force of the laws of the Housing Mortgage Bank in Finland is the Ministry of Finance of the application, unless a longer time to grant the application for confirmation, within two years of the date the changes to the rules which, by law, are necessary;

within five years to bring the ratio of equity and Mortgage Association, commitments as to the Mortgage Bank Act, provides in article 45;
within ten years, the investment is held for purposes other than lending to what article 22, and the Mortgage Bank Act, section 21 of the Act is provided.
Article 23 provided for a period of five years, for the period from the entry into force of the law is to be read.
Finnish housing mortgage bank is within two years of the entry into force of the law be returned to the State on the ground of the Bank funds are responsible for government bonds.
If one of those mentioned in subparagraph (1) of the mortgage within two years of the entry into force of the Statute makes the result of a decision in accordance with article 28 of the Association and the second mortgage required for joining in alignment is carried out, is not the first mortgage is not necessary to take measures to amend the rules of the Association.
The Finnish Aktia real estate mortgage bank and the Finnish Association on the mortgage is within a period of six months after the rules mentioned in paragraph 2, the changes are committed, in accordance with the commercial register, inform the relevant, mutatis mutandis, to article 10 is provided.


section 30 of this law shall enter into force on 1 January 1979.
This Act is repealed on 24 April 1925, mortgage Associations Act (130/25), on 8 January 1927 mortgage Associations Act (1/27), on 17 March 1933, the mortgage on the suspension of the activities of the Association and Mortgage Association, as well as their performance on the State and the law on bankruptcy (90/33) and on 9 March 1945, some of the State funds its lending activity on an exception to the provisions of the financial institutions Act (228/45), as amended.

The change of the date of entry into force and the application of the acts: 22.1.1988/50: this law shall enter into force on 1 February 1988.
THEY'RE 17/87, pankkivk. bet. 3/87, svk. Mrs. 20.12.1991/154/87 1552: this law shall enter into force on 1 January 1992.
THEY 69/91, tvk. Mrs. 18/91 30.12.1993/1613: this law shall enter into force at the time of the decreed. (1613/1993 came into force on 1 January 1994, in accordance with A 1617/93.)
THEY 295/92, 50/93, the EEA TaVM annex IX to the agreement: the Council Directives 73/183/EEC, 77/780/EEC, 86/524/EEC, 89/646/EEC, 89/299/EEC, 89/647/EEC, 91/31/EEC, 83/380/EEC, 86/635/EEC, 89/117/EEC and 91/308/EEC, 13.6.1997/582: this law shall enter into force on 1 September 1997.
THEY'RE 41/1997, TaVM 8/1997, EV 58/1997 19.12.1997/1345:208/1997, TaVM 34/1997, 1997/528/215, 10.7.1998 EV: this law shall enter into force on 1 September 1998.
THEY'RE 56/1998, 11/1998, TaVM EV 56/1998, 28.12.2001/1505: this law shall enter into force on 1 January 2002.
THEY are 180/20/2001, 2001, TaVM EV 203/2001 27.6.2003/595: this law shall enter into force on 1 July 2003.
THEY are 175/2002, 27/2002, TaVM EV 277/2002 30.12.2004/1310: this law shall enter into force on 31 December 2004.
THEY'RE 126/2004 29/2004, EV, TaVM 228/2004 of 9 February 2007/129: this law shall enter into force on 15 February 2007.
THEY'RE 21, 25/06/2006 TaVM, EV 252/2006 8.8.2014/621: this law shall enter into force on 15 August 2014.
THEY'RE 39/2014, TaVM 6/2014, EV 62/2014, the directive of the European Parliament and of the Council of 13/36/EU (32013L0036; OJ No L L 176, 27.6.2013, p. 338-436, of the European Parliament and of the Council Regulation (EU) no 575/2013 (32013R0575); OJ No L L 176, 27.6.2013, p. 1-337