Key Benefits:
Minister of Ecology, Sustainable Development, Transport and Housing and Minister of Economy, Finance and Industry,
Vu le General Tax Codeincluding articles 199 ter T, 220 Z ter, 223 O, 244 quater V and Appendix III to this code;
Considering the construction and housing code, including articles L. 31-10-1 and following and R. 31-10-1 and following;
Vu la Act No. 2010-1657 of 29 December 2010 for 2011, including its article 90;
Based on the advice of the National Habitat Council dated 26 April 2011,
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Pursuant to Article L. 31-10-13 of the Construction and Housing Code, in order to be authorized to issue loans not bearing interest referred to in Article L. 31-10-1 of the same Code, credit institutions shall conclude with the State, represented by the Minister responsible for the economy, a convention in accordance with the Model Convention annexed to this Order.
The director of habitat, urban planning and landscapes and the director general of the Treasury are responsible, each with respect to it, for the execution of this order, which will be published in the Official Journal of the French Republic.
A N N E X E
CONVENTION CONCLUDING THE STATE AND CREDIT STATES RELATING TO THE PROPERTY DOESN'T BE INTERNAL TO FINANCE THE PRIMO-ACCESSION TO THE PROPERTY, DENOMMED THE PTZ +
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The State, represented by the minister responsible for the economy (hereinafter referred to as the "state"), on the one hand;
And
(hereinafter referred to as the "credit institution"), on the other hand;
Vu le General Tax Codeincluding articles 199 ter T, 220 Z ter, 223 O, 244 quater V and Appendix III to this code;
Having regard to articles L. 31-10-1 et seq., R. 31-10-1 et seq. and R. 312-3-1 to R. 312-3-3 of the Construction and Housing Code;
Vu la Act No. 2010-1657 of 29 December 2010 of finance for 2011, in particular its article 90 on the non-interested loan to finance the first-accession to property;
Considering the agreement between the State and the Société de gestion du fonds de garantie de l'accession sociale à la propriété, approved by the decree of May 25, 2011;
In view of the decision of 25 May 2011 approving the model agreement to be concluded between the credit institution and the Société de gestion du fonds de garantie de l'accession sociale à la propriété relatives au crédit ne portant pas intérêt décidé pour financement la primo-accession à la propriété;
Having regard to the decision of 25 May 2011 approving this Model Convention,
Article 1
Enabling to instruct loan applications
The credit institution conducts the instruction of non-interest loan applications (hereafter PTZ +) granted to finance the first-accession to the property, for the benefit of its natural customers.
The credit institution is free to proceed with the instruction of the PTZ+ requests granted to finance the first-accession to the property from persons who do not enter into a loan contract with it other than that.
The credit establishment shall comply, for the instruction of PTZ+ applications to finance the first-accession to the property, the regulations in force on the date of issue of the PTZ + offer and the requirements of the Annex to this Agreement.
The terms and conditions of attribution and the terms and conditions of the PTZ + are fixed annually by decree under the conditions set out in articles L. 31-10-1 and following of the construction and housing code. An impact study attached to the decree shows the measures taken to ensure that the amount of tax credits for non-interest loans paid over the same period of twelve months does not exceed 2.6 billion euros. This amount refers to the gross amount of the tax credits granted, reduced by the corresponding profit tax.
Article 2
Benefit of tax credit and obligations
The credit institution that grants its client a PTZ + granted to finance the first-accession to the property benefits from a tax credit, granted by the State, compensating the absence of a perception of interest.
Implementation of the Second sentence of Article 244 quater V of the General Tax Code, the period of disposition of the funds referred to in the last paragraph of section L. 31-10-11 of the Construction and Housing Code is not taken into account for the calculation of the tax credit.
2.1. Duty of borrower information
Pursuant to the last paragraph of section L. 31-10-14 of the Construction and Housing Code, the agreement between the organization referred to in section L. 312-1 of the Construction and Housing Code (hereinafter the FAMS) and each credit institution expressly provides the obligation of the credit institution to inform the borrower, in the offer and the loan contract without interest,Article 244 quater V of the General Tax Code.
2.2. Declarative obligations
After processing PTZ +'s application, and verifying its admissibility, the credit institution shall forward a first statement to the FAGAS at the time of acceptance of the loan offer by the borrower, the co-borrower and, where applicable, the bonds. The said agency verifies that the instruction of non-interest loan applications has been made in compliance with the regulations.
After the first release of funds from the PTZ+, the credit facility forwards a second return to the SGFGAS.
The tax credit, which compensates the absence of a perception of interest, is seated on the entire amount of the PTZ +, as of the first release of the funds. It is charged on the tax owed by the credit institution up to one-fifth for the year in which the non-interest repayable loan was first released and by fractions equal to the next four years.
The terms and conditions for reporting on non-interestable loans to the FAGAS are defined by the terms of the agreement between credit institutions and the FAGAS. The latter also monitors the eligibility of loans and the monitoring of tax credits.
Methods for calculating the tax credit are set to articles 244 quater V of the General Tax Code and 49 ZZG and ZZH septies of Schedule III to the same code as well as Annex 2 to the Agreement between the State and the GFGAS.
Article 3
Entry into force of the agreement concluded
between the FAMS and the credit facility
The entry into force of the agreement, referred to in Article L. 31-10-14, third paragraph, of the Construction and Housing Code, concluded between the credit institution and the FAMS is subject to the prior conclusion of this Agreement.
Article 4
Communication to the SGFGAS
The credit facility shall provide any relevant material to the FAMS and the Minister responsible for the economy, Treasury Branch, upon request, within a maximum of fifteen days, upon written notification.
Article 5
Declarative obligation to the tax administration
The credit institution shall report annually to the tax administration the amount of tax credits, in accordance with the terms defined by decree. The tax credit is calculated by the SGFGAS on the basis of the credit institution's statements.
Article 6
Nominal conventional interest rate
The nominal conventional interest rate of the PTZ + is zero. The TEG of the PTZ + is included in the loan offer and loan contract.
Article 7
Penalty for non-compliance
The non-compliance by the credit institution with the provisions of this Agreement and those contained in the agreement with the FAGAS entails penalties imposed by the Minister responsible for the economy, Treasury Branch.
The credit institution undertakes to facilitate the conduct of the controls carried out within it by officers mandated by the FAGAS or by the Minister responsible for the economy. The credit facility presents at first requisition the documents that these agents need for the exercise of their mission. The checks carried out by these officers are unannounced and follow the principle of conflict.
The applicable sanctions are:
observation;
― the questioning of all or part of the tax credit, as described in II and III of Article 199 ter T of the General Tax Code ;
- the temporary prohibition of the distribution of interest-free loans to finance the first-time ownership. This prohibition may be restricted to a branch or geographic area;
– the termination of the agreement.
Article 8
Modalities for amending the Convention
This Convention may be amended at the request of the State. The amendments are enforceable within three months. The credit institution may, however, denounce the agreement after this period.
The changes in the regulations applicable to PTZ + are required in this Convention, which will be considered de facto appropriate, or, where appropriate, amended by avenor.
Article 9
Duration of validity of the convention
This Agreement is valid until the expiry date of provisions of Article 244 quater V of the General Tax Code provided by law.
Made in Paris, the.......
For the Minister
responsible for the economy
and by delegation:
For the credit facility:
Annex
Characteristics of the loan not bearing interest granted to finance the first-accession to the property called the PTZ +
Only one loan that does not bear interest under this chapter may be granted for the same operation. An operation financed by such a loan cannot benefit from the advance mentioned in theArticle 244 quater J of the General Tax Code.
The non-interest loan proposed by the credit institution signatory to this Convention shall, in order to give rise to tax credit, comply with the following requirements.
Article 1
Loan conditions
The interest-free loan is amortized by constant monthly payments following the full payment of the funds, with the possibility of deferral under the conditions set out in section L. 31-10-11 of the Construction and Housing Code.
However, a gradual depreciation of the loan is tolerated during the remittance period. The depreciation period (reported to the FAGAS) is then counted from the first payment, the following payments resulting in a shorter depreciation period. The monthly payments are calculated on the prorated basis of the paid capital, leading to different monthly payments during the period of payment of funds and constants thereafter.
Except in the event of a reorganization of the loan, no payment other than the refund of the borrowed capital may be required from the holder of the loan contract by the credit institution. In accordance with the last sentence of the first paragraph of Article L. 31-10-2 of the Construction and Housing Code, no fees, fees of expertise, interest or interest may be collected on these loans.
On the other hand, death-disability insurance premiums, loss of employment and incapacity at work, recovery fees and deeds and guarantees may be collected on the loan holder, excluding the lender's commitments to the New Social Access Guarantee Fund (NFGAS).
The late interest may also be perceived when the borrower fails to perform its contractual payment obligations in a timely manner.
For loans issued until May 31, 2011, the rate of interest in the event of reorganization and the rate of late interest, in the event of a delay in payment, is at the most equal to the ceiling rate of loans to social concession (SPP) in effect at the time of the loan offer. The above-mentioned ceiling rate is that of fixed-rate SIPs of less than 12 years.
For loans issued as of June 1, 2011, the rate of such interest in the event of redevelopment or delay is equal to the rate defined in the last paragraph of section R. 31-10-7 of the Construction and Housing Code.
This limitation must be included in the loan agreement. No resolute compensation can be collected.
Except for cases referred to inArticle 199 ter T of the General Tax Code and sections L. 31-10-7 and R. 31-10-07 of the Construction and Housing Code, no termination of the loan may be pronounced prior to the occurrence of payment incidents characterized within the meaning of 1° of section 4 of the October 26, 2010 Order relating to the national file of credit repayment incidents to individuals. The credit institution retains a supporting document on the loan file for the registration of credit repayment incidents to individuals.
Tax credit rates and amortization conditions for loans that may be distributed by credit institutions and the characteristics of households to which the non-interest loan is granted are communicated quarterly by the FAMS and are notified to credit institutions by notice.
For the purposes of this notice, the SGFGAS shall proceed in accordance with articles 244 quater V of the General Tax Code and 49 ZZG and ZZH septies from Appendix III to this same code.
Article 2
Advance payment
In the case of a partial or total advance refund of the loan, on the initiative or not of the borrower, no compensation is claimed by the credit institution to the client.
Except as expressly requested by the borrower, the advance, total or partial refund, on the initiative of the borrower, of the zero-rate loan + cannot in any case intervene before the total refund of the other loans contributing to the financing of the transaction managed by the same institution.
For loans issued as of June 1, 2011, the establishment has the ability to provide to the contract that the advance, total or partial refund, on the initiative of the borrower involved prior to the fifth anniversary of the loan offer is distributed, by exception to the provisions of the preceding paragraph and unless expressly requested by the borrower, to the pro rata of the remaining capital due between the zero-rate loan + and any other loans that contribute to the financing of the same transaction
In the event of an express request from the borrower, the refund is distributed to the free choice of the borrower.
These limitations and terms must be included in the loan agreement.
Article 3
Redevelopment of the loan
When the loan is redesigned and this reorganization leads to the lengthening of the loan's depreciation period, the credit institution may collect interest on the remaining capital due, from the final depreciation date provided by the original loan contract.
For loans issued up to May 31, 2011, the rate of these late interest rates is equal to the ceiling rate of social concession loans (SAPs) of the same period in effect on the date of redevelopment.
For loans issued as of June 1, 2011, the rate of these late interest is equal to the rate defined in the last paragraph of section R. 31-10-7 of the Construction and Housing Code. This stipulation is included in loan contracts.
Article 4
Transfer
The new property must be eligible for PTZ +. On the other hand, the conditions of eligibility of the borrower are not further studied. In particular, in the event of the acquisition of a new indivision housing, the indivisaries must make property financed their main residence, but do not have to be co- borrowers of the PTZ +.
The credit institution may refuse the transfer only if it has the effect of significantly degrading the level of guarantee available to it. In particular, if there is:
– loss of the FGAS guarantee;
– loss of rank.
The significant nature of the shift from a non-shared to a shared rank is subject to a case-by-case review by the institution.
In any case, the refusal to transfer is in writing to the borrower.
In the absence of a transfer, the PTZ + must be subject to an advance refund upon completion of the sale, and this advance refund must be the subject of a return to the FAGAS.
The institution communicates to the State on a quarterly basis the number of transfer requests received, the number of applications accepted and the number of requests refused in the previous quarter.
Article 5
Contractual and commercial documents
The credit institution has the obligation to inform the borrower, in the offer and the non-interested loan contract, of the amount of the tax credit provided for in theArticle 244 quater V of the General Tax Codein accordance with the terms and conditions set out in the agreement between the credit institution and the FAGAS.
The credit establishment is included in all its commercial documents and uses the name PTZ + or "Zero Rate Loan +" in its commercial shares to designate the loan not bearing interest.
The figurative mark deposited by the Ministry responsible for housing on behalf of the State must be taken over by the credit institution for any communication, regardless of the support, related to the loan not bearing interest. The credit facility complies with the graphic charter, after the Minister of Housing communicates to the President of the French Banking Federation.
Article 6
Retention of loan records
The file for each non-interest loan collects the mandatory supporting documents defined by the regulations. The credit institution retains the file until the termination of the receivable and, in the event of a loss, a voluntary total advance refund, or following the termination of the term, for a period of three years from the event's return to the FAMS.
Done on 25 May 2011.
The Minister of Ecology,
Sustainable Development,
Transport and housing,
For the Minister and by delegation:
The Habitat Director,
urban planning and landscapes,
E. Crépon
Minister of Economy,
finance and industry,
For the Minister and by delegation:
Treasury Director General,
R. Fernandez
