Building Societies Act

Original Language Title: Gesetz über Bausparkassen

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Read the untranslated law here: http://www.gesetze-im-internet.de/bausparkg/BJNR020970972.html

Law on building societies BauSparkG Ausfertigung date: 16.11.1972 full quotation: "law on building societies as amended by the notice of 15 February 1991 (BGBl. I p. 454), most recently by article 6 paragraph 14 of the law of August 28, 2013 (BGBl. I S. 3395) has been changed" stand: Neugefasst by BEK. v. 15 2.1991 I 454;
 
as last amended by article 6 paragraph 14 G v. 28.8.2013 I 3395 for more information on the stand number you see in the menu see remarks footnote (+++ text detection from validity: 1.4.1983 +++) § 1 definitions (1) building societies are credit institutions, whose business operations it aims to accept deposits from building savers (deposits) and to grant building savers for flat economic measures money loan (building society loan) (savings) from the accumulated amounts. The savings may be operated only by building societies.
(2) customers is who concludes a contract with a building society, through which he acquires a legal right to grant a Bauspardarlehens after performance of deposits (savings). A contractor can also be age provision contract pursuant to the old age provision contract Certification Act of 26 June 2001 (BGBl. I S. 1310, 1322), last amended by article 2 of the law of July 29, 2008 (BGBl. I p. 1509), completed in the currently valid version are.
(3) home measures within the meaning of this law are 1 the establishment, procurement, maintenance, and improvement of buildings mainly for residential purposes and of apartments, homes and condos, as well as the acquisition of rights to the ongoing use of living space, 2. the construction, acquisition, conservation and improvement of other buildings, so far as they serve residential, 3. the acquisition of building land and leases the establishment of predominantly residential purposes certain buildings , 4. the acquisition of building land and leases for the construction of other buildings in terms of the proportion corresponding to the ratio of the part of the building to be built on the plot to the overall building intended for residential purposes, 5.
Measures for the development and promotion of residential areas, 6 the redemption of liabilities, which are entered into for the implementation of measures pursuant to paragraphs 1 to 5, 7 the redemption of liabilities, primarily on a rest serve residential plot.
The redemption of liabilities, which have been entered to the performance of deposits, as well as commercial construction projects are apartment-economic measures, if they carried in connection with the construction of flats or in areas, which serve the residential, and if they are intended to contribute to the coverage of these areas.
(4) the right of countries to confer specific tasks for the housing or other public functions, public building societies remain unaffected.

§ 2 legal form (1) private building societies may be operated only in the form of the joint-stock company.
(2) the legal form of the public building societies is determined by the countries.

Section 3 supervision (1) the Federal Agency for financial services supervision (Bundesanstalt) exercises supervision of building societies according to the provisions of this Act, the Banking Act and the Regulation (EU) No. 575 / 2013 of the European Parliament and of the Council of 26 June 2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 646 / 2012 (OJ L 176 of the 27.6.2013, p. 1) from. It is empowered to make all orders that are necessary to get the business operations of a building society with the general business principles and the General conditions for savings in line in the context of supervision.
(2) as far as building societies are subject to other State supervision, these remains in addition to the supervision of the Federal Agency.
(3) the Federal Agency decides whether a company is subject to the provisions of this Act in cases of doubt. Their decisions bind the administrative authorities.

Permissible transactions (1) must article 4 building societies except the home savings business only following shops operate: 1 money loan grant, serving the pre-financing or the financing of services of building society on building their customers;
2. for flat economic measures, grant other money loan in accordance with paragraph 2;
3. money loan manage third party, convey and in the own or foreign name and for the account grant third parties, if the loans used to finance housing economic measures;
4. in accordance with paragraph 2 take warranties for cash loans third party, which type would be the building societies themselves empowered and in the manner prescribed in section 7 are secured;
5. granting of building society loan and loan according to paragraphs 1 and 2, the fulfilment of obligations arising from contracts according to section 1, paragraph 2, sentence 2, as well as to the procurement of resources required in addition to the operations a) absorb foreign funds from banks and other institutional investors, b) accept foreign funds from other creditors, c) issue debt obligations;
6. to participate in company, if the investments are used to promote the business operated pursuant to section 1, and the building society from the investments by the legal form of the company, the liability is with the proviso that the individual participation in total may not exceed the third part of the capital (nominal capital, amount of capital shares) of the company. A higher participation is permitted, provided that the business purpose of the company is legally or articles primarily on such transactions, which may operate the building society itself; the total amount of these investments shall not exceed twenty per cent of the equity of the building society;
7 money loan grant to companies in which the building society is involved;
8. the opportunity to conclude contracts relating to the purchase, the sale or use of land and premises to prove;
9 independently of the granting of own loans perform valuations and site analyses, as well as financing discussions.
(2) the total amount of accounts receivable loan pursuant to paragraph 1 No. 2 and the warranties referred to in paragraph 1 No. 4 may not exceed 75 per cent of the total cost of the building society loan and the loan referred to in paragraph 1 No. 1.
(3) building societies must create money in 1.
Balances with appropriate credit institutions and registered bonds issued by such banks, 2. non-interest bearing Treasury notes and Treasury bills of federal, his funds and the Federal States, similar instruments of the European communities and their Member States or other parties to the agreement on the European economic area, as well as in certificates of deposit of appropriate credit institutions, provided that these papers have a remaining maturity of not more than twelve months, 3. debt securities and schuldbuchforderungen of Federal , his Fund, the Länder, the European communities and their Member States or other Contracting States of the agreement on the European economic area, 4. bonds, whose interest and repayment one of the entities referred to in paragraph 3 the warranty has taken over, 5. other debt securities, which are admitted, are 6 claims resulting from money loans, the amounts of total loan granted by a third party on an organised market according to § 2 para 5 of the securities trading act and a promissory note is issued on the , provided that these demands can at least twice are ceded to the acquisition by the building society and the loan was) one of the entities referred to in paragraph 3, a different domestic authority or a regional government or local authority of another Member State of the European communities or of another Contracting State of the agreement on the European economic area, for which according to article 7 of the directive of the Council of 18 December 1989 on a solvency ratio for credit institutions the weighting of zero has been posted , b) appropriate other authorities or public institutions in Germany or in another Member State of the European communities, or in another Contracting State to the agreement on the European economic area c) companies which have issued securities which are admitted to trading on an organised market according to § 2 para 5 of the securities trading act or d) takeover the warranty for the interest rate and repayment by one the number 3 points; referred to in
the total amount of these receivables the Bausparkasse its liable equity capital does not exceed, 7.
Shares in an investment asset pools based on the principle of risk diversification, by a capital management company with a permit according to § 7 or article 97, paragraph 1 of the investment law in force until 21 July 2013 amended, for in § 345 paragraph 2 sentence 1, paragraph 3 sentence 2, in conjunction with paragraph 2 sentence 1 or paragraph 4 sentence 1 of the investment code period still persists or with a permit after the articles 20 , 21 or sections 20, 22 of the investment law, an EU management company or of a foreign AIF management company, which is subject to, to the protection of shareholders in a special public supervision issued were, if according to the installation conditions or the articles of Association of the management company assets only in the debt of the numbers 1 to 6 and must be placed in bank deposits.
(4) building societies is the acquisition of land, leases, rights in the form of home ownership, part ownership, apartment ground lease and part ground lease allows only for the prevention of cases of claims and for the procurement of business premises and living quarters for their employees.
(5) building societies can not commit prior to allocation of funds to disburse the method at any given time.

§ 5 General business principles, General conditions for savings (1) building societies have to use general business principles and general conditions for building their business operations.
(2) general business principles need to contain provisions about 1 the calculations for the settlement of accounts, specifying the individual saver-funds-performance ratios (§ 8 ABS. 1 Nr. 1) and underlining of the average, longest and shortest waiting time;
2. the composition of the mass of of Division of, the allocation dates as well as the conditions and determine of the order for the allocation (allocation);
2A. the calculation of the Zuteilungsmittel temporarily not can be allotted according to § 6, paragraph 1, sentence 2, and the extra income from the investment of these funds and the use of the special item from it formed "Bausparen technical hedge fund";
3. the calculation of the collateral value of land to beleihenden;
4. the financing of measures to develop and promote residential areas;
5. the financing of buildings, predominantly or exclusively commercial purposes, as far as this is allowed under § 1;
6. the procedure for repayment of deposits announced savings;
7. a forming the concerns of home savings customers simplified settlement of accounts in the case of the business operation of the building society or the withdrawal of the permit to operate of a construction savings bank by the Bundesanstalt.
(3) need policies for savings provisions contain about 1 the amount and maturity of services construction saver and the Bausparkasse, as well as the legal consequences that arise when delay in performance;
2. the interest on the deposits and the building society loan;
3. the amount of the costs and fees, which are calculated construction savers;
4. the conditions and the identification of the order for the allocation and the terms of the payout of the method;
5. backing up the claims from building society loan;
6. the conditions under which a contractor can be divided or merged with a different contractor or the method increased or reduced;
7. the conditions under which claims from the contractor can be assigned or pledged or a building savings scheme contract may be terminated, as well as the legal consequences arising from the termination of funds or a simplified processing of the building;
8. the competent court or an arbitration;
9. the conclusion of life insurance on the death certificate, insurance premiums to be paid the amount of the insurance money and that of the customers for this and the possibility of the imputation of existing life insurance policies, if the customers for such insurance is required.

§ 6 earmarking of Bausparmittel (1) Zuteilungsmittel, in particular deposits and repayments on building society loan, may subject to § 4 para 3 only for the home savings business and to repay of foreign funds, which have been made to the mass of Division of, as well as in accordance with a decree to be issued according to § 10 to the granting of loans pursuant to § 4 para 1 No. 1 used; they should be used with the aim of uniform, shortest waiting times. Income from a plant of the Zuteilungsmittel temporarily not can be allotted because savings do not meet the assignment requirements, are required in the amount of the difference between the interest income from the intermediate installation of the Zuteilungsmittel and the interest earned, it would have been when the system of Zuteilungsmittel in building society loan, a special item "Bausparen technical hedge fund" for the safeguarding of the interests of the customers. The building society may resolve these special items at the end of a fiscal year if it exceeds three per cent of deposits at this time.
(2) building society loan receivables and serving their securing mortgages and other securities may be only for the home savings business and that in § 4 para 1 designated shops sold 1 no, created or pledged. The same applies to claims arising from loans in the sense of § 4 para 1 No. 1 and serving their securing mortgages and other securities.

§ 6a avoid currency risks the building society has to take the necessary measures to avoid currency risks from their business operations with the diligence of a prudent businessman. She must form separate allocation masses in particular for savings, which are to meet in foreign currencies or in units of account, and to take care of currency matching using the Zuteilungsmittel and the funds available. The Federal agency may exempt in individual cases from the requirement to the formation of separate allocation mass, if this does not significantly affect the interests of customers.

§ 7 protection of accounts receivable loans (1) claims from building society loan and loans pursuant to § 4 para 1 No. 2 as well as claims arising from loans pursuant to § 4 para 1 No. 1, as far as them not by assignment of rights from building Association savings agreements be secured, by order of mortgages or charges to a domestic deposit object to save. A building society to a bank on assignment or partial assignment of a mortgage trust managed by the credit institution for the benefit of the building society entitled just ordering a mortgage. The loan shall not exceed the first four-fifths of the collateral value of the pledged object without sufficient collateral.
(2) claims within the meaning of paragraph 1 sentence 1 can be secured also by ordering by liens on a pledged object in another Member State of the European communities or another Contracting State to the agreement on the European economic area or in the Switzerland if the liens usually agreed by financial institutions in that Member State or Contracting State to secure receivables from housing loans.
(2a) claims within the meaning of paragraph 1 sentence 1 can also by the order of mortgage of a pledged object other than secured in paragraph 2 covered European States, provided that 1 the country is a full member of the Organization for economic cooperation and development, 2. the reimbursement and remuneration of the claims makes sure the liens in that State and the total amount of this mortgaging the Bausparkasse liable equity capital does not exceed 3.
(3) from a backup by mortgages may be waived if sufficient other securities (substitute collateral).
(4) from a backup by mortgages or substitute collateral may be waived, if 1 the borrower undertakes to the building society, a possible backup a backup due to the low amount of the loans appears unnecessary No. 1 by mortgages not by a pledge of the subject concerned as the pledged object for an other liability or through its sale to prevent or 2nd for a building society loan or a loan pursuant to § 4 para 1.
(5) by a fuse may be waived when granting loans to 1 domestic authorities and institutions of under public law, 2 the European communities, their Member States, other parties to the agreement on the European economic area and the European Investment Bank, 3rd regional Governments and local authorities of the other Member States of the European communities or of the other Contracting States of the agreement on the European economic area, for which according to article 7 of the directive of the Council of 18 December 1989 on a solvency ratio for credit institutions the weighting Null been posted is, 4. other borrowers, if the loan one of the entities referred to in paragraphs 1 to 3 has taken on the warranty.
(6) the Federal agency may allow, deposit objects to be created that are located outside the States covered in paragraphs 2 and 2a if the mortgage to be ordered or additional collateral appear justified an exception.
(7) the value of the pledged object (loan value) adopted at the loan must not exceed the fair market value. In determining the value of the collateral only the lasting properties of the pledged object and the income are taken into account, the pledged object in proper economy can sustainably provide each owner.

§ 8 refusal and withdrawal of permit (1) permission to conduct business in a building society except also fails for the reasons referred to in section 33, paragraph 1 of the Banking Act, if not permanently ensured the feasibility of building the general business principles or policies for building 1 to allow, in particular because the individual savings, no reasonable relationship between the customers and which relate to their entire life, have the building society (individual savers funds money) or 2. savings and repayment services or other obligations provide which unreasonably delay the allocation of savings, lead to unreasonably long contract periods or insufficient to preserve other aspects of home savings customers.
(2) the Federal agency may also take back permission except for the reasons referred to in article 35, paragraph 2 of the Banking Act, if their facts are known that would justify the refusal of the permit referred to in paragraph 1 and the concerns of home savings customers not other measures according to this law or banking law sufficiently can be preserved.

§ 9 amendment of the general business principles and the General conditions for savings (1) amendments and supplements of the general business principles and the General conditions governing building No. 1, 2, 4 to 9 in § 5 para 2 and 3 related terms, as well as the general business principles and policies for building new construction savings rates should be used, require the approval of the Federal Agency. § 37 para 4 of the administrative procedure act shall apply. The approval may be granted with effect for existing contracts, provided that the changes and additions to the adequate safeguarding of the interests of home savings customers appear necessary. Article 8, paragraph 1 shall apply for the refusal of the permit accordingly. Other changes and additions are to display the Federal Agency at least three months prior to its entry into force.
(2) the fulfilment of the obligations assumed by the building society in the building Association savings agreements is no longer possible as the Federal agency may require that the building society changes the general business principles and policies for savings. Under the same condition, the Federal Agency, may prohibit the conclusion of new treaties without prejudice to its powers under section 46, paragraph 1 of the Banking Act, the building society.

§ 10 can the Federal Minister of finance Decree of law regulations In the interest of the fulfilment of commitments of building societies to their creditors, in particular to ensure the assets entrusted to them and a sufficient willingness to pay for the allocation of the Bausparsummen, as well as to the permanent maintenance of a possible uniform allocation sequence after hearing of the Deutsche Bundesbank and the umbrella organisations of building societies by regulation rules the temporary investment of accumulated for allocation and the previously allocated about 1. , but amounts of savers not in claim construction.
2. exceed the amount to be determined the permissible share of building Association savings agreements in the legal regulation, (big savings) not allocated to the whole contract totals stock of the savings of a building society and the allowable percentage of large building Association savings agreements, concluded within one calendar year, of the total contract of the building completed this year by the building society; in the period of twelve months contracts of a construction saver considered a contract; on the allowable share of large building Association savings agreements are the savings to customers has paid the Mindestansparsumme required under the general business principles for an allocation of within the first year after the agreement, deduct;
3. the conditions for the granting of loans, which are used to finance building projects of a commercial nature, and the permissible share of such loans to the total stock of accounts receivable loans of a building society; the proportion may be set up to three per cent.
4. percentages of equity of building societies to those loans granted no. 7 as a whole, as well as to a company pursuant to § 4 para 1 are allowed;
5. the permissible share of loans, for which substitute collateral provided on the total number of claims from loans of a building society;
6. the amount to which a building society in individual cases may grant loans against Declaration of commitment or without such an obligation pursuant to § 7 para 4, as well as the permissible share of such loans to the total stock of accounts receivable loans of a building society;
7. the minimum requirements for assignment to ensure a reasonable individual savers funds performance relationship, in particular the minimum accumulation and the assessment of a minimum score;
8. the details of determining the more profits in accordance with article 6, paragraph 1, and their advancement to the special item "Bausparen technical hedge fund";
9. the conditions under which this special items regarding the more income listed under § 6 para 1 should be resolved and to resolve at the latest is;
10. a until December 31, 1995 temporary transitional arrangement for the simplified definition of the minimum requirements for assignment to ensure a reasonable individual savers funds performance relationship for the building society savings rates offered on January 1, 1991.
The Federal Minister of finance can confer Ordinance on the Federal agency this empowerment.

§ 11 dismissal of managers the Bundesanstalt may to request the resignation of the Managing Director of a construction savings bank except for the reasons referred to in section 36 of the Banking Act even ask if this intentionally or recklessly against the provisions of this law, has violated the regulations adopted for its implementation, against orders of the Federal agency or the provisions referred to in article 5, par. 2 and 3 of the general business principles or the General conditions for savings and continues this behavior despite warning by the Federal Agency.

§ 12 confidence man (1) the Federal Agency ordered at each building society a confidence man. Before ordering the building society is and, if there is an other State supervision pursuant to section 3 para 2 to hear also the authority responsible for this supervision. The appointment may be revoked at any time.
(2) the confidence man has to ensure compliance with the provisions of the General conditions for savings on the allocation procedure.
(3) the confidence man has the power to see the books and writings of the building society, insofar as they relate to the allocation procedure. The Federal Agency decides in disputes between the building society and the confidence man on its obligations.
(4) the confidence man tells his findings and observations of the Federal Agency. He is not bound by instructions of the Federal Agency.
(5) the confidence man receives from the Federal equitable remuneration; This is the building society in by analogy with application of § 51 para 3 of the Banking Act to report separately.

§ 13 special obligations of the auditor for the audit of the financial statements of a building society has the auditor also to determine whether 1 the Bausparsummen have been allocated according to the General conditions for savings, 2. that in § 5 para 2 No. 2 referred to the building society provision of general business principles and in § 5 para 3 No. 5 designated provision of the General conditions for savings has kept a and 3 regulations a regulation adopted pursuant to § 10 been are.
The result is to record in the audit report.

§ 14 stock transfer (1) a contract through which the stock of a building society on building Association savings agreements with the corresponding assets and liabilities wholly or partly transferred on an other building societies or on several other building societies, requires the approval of the Federal Agency. Is the approval by the Federal Agency in the Federal Gazette to publish; She considered building savers with the release announced. The rights and obligations of the transferor building society from the building Association savings agreements go over with the approval in relation to construction savers on the acquiring building society; Article 415 of the Civil Code shall not apply. The permit must be refused only if the transfer endanger the interests of customers of the transferor or the transferee Bausparkasse.
(2) the contract requires the written form.

§ 15 payment prohibition, approval of the simplified processing
Danger for the fulfillment of obligations of a building society and avoiding insolvency proceedings is necessary, considering the interests of customers and the other creditors so the Bundesanstalt can temporarily ban all types of payments. The Federal Agency of also a simplified processing may under the same conditions (§ 5 para 2 No. 7) agree. The provisions of the Insolvency Act for the protection of payment and securities settlement systems as well as physical collateral of the Central Bank and financial collateral arrangements shall according to application.

§ 16 designation "Bausparkasse" (1) the term "Bausparkasse" or a designation, where the word "Bausparkasse" or the word root "Bauspar" is included, may in the company, as an addition to the company, the name of the business purpose or advertising purposes lead only companies that have permission to run the business of a building society.
(2) paragraph 1 does not apply to companies that carry the word "Bausparkasse" or a designation, where the word "Bausparkasse" or the word root "Bauspar" is included, in a context which excludes the appearance that they operate Bauspargeschäfte.
(3) the provisions of §§ 42 and 43 of the Banking Act shall apply accordingly.

Article 17 exceptions on building societies, which are subject to special State supervision, are the articles 14 and 15 set 1 not applied.

Article 18 provisions for legally dependent for new and existing building societies (1) for credit institutions which were allowed to operate the home savings business at the entry into force of this Act, is considered required according to § 32 of the Banking Act permission to operate of the building societies allowed banking given. The period referred to in section 35, paragraph 1 of the Banking Act begins with the entry into force of this Act.
(2) building societies, which were allowed to operate at entry into force of this Act in the legal form of limited liability company may be operated in this legal form.
(3) credit institutions, which operate the savings through legally dependent institutions on entry into force of this Act, apply to the extent as building societies. You have to manage the assets of the building savings bank separately from their other assets, to prepare separate financial statements for the building society and a special business report. The regulation on the examination of the accounting, the annual accounts and the annual report of credit institutions shall apply mutatis mutandis. The attributable to the building society, reported in the separate consolidated share of the liable equity capital of the credit institution is regarded as liable equity capital of the building society.
(4) on building societies, the up to the entry into force of this Act other than under § 4 have operated allowable allowed shops or shops in a further than that according to §§ 4, 6 and 7, as well as to the regulations pursuant to section 10, are these rules do not apply as far as agreements already concluded will be affected. The Federal agency may impose a reasonable deadline for the settlement of these transactions.
(5) paragraph 3 shall apply mutatis mutandis to such credit institutions that operate the savings through legally dependent institutions after entry into force of this Act.

Article 19 the legislation in the area of the area, as well as the regulations adopted on the basis of the existing legislation be maintained, bridging provisions (1) insofar as the provisions of this Act, the Banking Act or the Regulation (EU) No. 575 / 2013 preclude them. Legislation providing additional requirements for the business activity of certain types of building societies as this law shall remain unaffected.
(2) (lapsed) (3) the competence of the Länder for the confirmation of the conversion Bill by building societies, which are subject to their special government supervision, shall remain unaffected.
(4) more income within the meaning of § 6 para 1, incurred prior to January 1, 2001, must be set to at least 60 per cent in the special item "Bausparen technical hedge fund". Additional income in the sense of § 6 para 1 need to be set if the Zuteilungsmittel temporarily not can be allotted, stemming from building Association savings agreements that have been concluded prior to January 1, 1991 in the special item "Bausparen technical hedge fund".
(5) the building society may by way of derogation from article 4, paragraph 1 No. 6 set 1 hold participating interests in a company of the third part of the principal amount of all shares of this company, if it has taken over these investments prior to 31 May 1990 legitimately or purchased.

Article 20 (amendments and repeals) - article 21 (entry into force) -.