Law 15 In 2012 To Allow Establishment Of Mortgage Companies And Mortgage Refinance Companies

Original Language Title: القانون 15 لعام 2012 السماح بتأسيس شركات تمويل عقاري وشركات إعادة تمويل عقاري

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Read the untranslated law here:

Law 15 in 2012 to allow establishment of mortgage companies and mortgage refinancing companies the President based on the Constitution and approved by the NPC at its meeting on 5-5-1433 Hijri, 28-3-2012 ad.

Issued: (first chapter) definitions (article 1), the following words and expressions mean in applying the provisions of this law, the meanings next to each: the Minister: the Minister of Finance: finance supervisory agency 39 law updated for 2009, as amended.

Board: Board of directors Chairman of the Board: Chairman: Director General Director General beneficiary: any natural or legal person who owns a property and want it customized construction of Kiss and end that wants them.

Investor: every natural or legal person wishes to obtain mortgage financing: buying, renovating, EXA, conventional formulas or agar.

Funder: licensed company assets mortgage activity.

Real estate financing: financing investment activity both for the purpose of buying or building or renovating or home improvement and real estate service industries and earmarked for residential or commercial or industrial activity or tourism or agricultural or service or for other purposes specified by decision of the Minister, whether conventional or Islamic formulas formulas as Ijara Lube and back by ensuring a franchise on the property or similar subject insurance or lessor retains ownership of the property in the case of rent-to-own schemes or other guarantees which Accepted by the taxpayer according to rules and procedures set by the regulations of this law.

Mortgage Refinance: Refinance mortgage loan portfolios have mortgage companies or banks for converting their loans to the mortgage companies.

Istisna'a: funding for construction at a property owned by a beneficiary under which funded contract with the beneficiary for the construction of an agreed price and specifications determined by the beneficiary on the basis of this contract is funded by hiring a contractor to do construction in accordance with specifications set by the beneficiary.

Company: mortgage company or mortgage refinance company legally licensed.

License: licence issued by the Council of Ministers to engage in the business of mortgage companies or mortgage refinance in accordance with the provisions of this law and of law 39 of 2009, as amended.

Mortgage agreement: mortgage contract containing terms and obligations and rights of parties to the contract.

Expert evaluation: any natural person who engages or body metaphor to account for a legal person and real estate appraisal profession and responsibility determine property values.

Company: civil or commercial company certified by the body to exercise the profession of real estate evaluation and an institution in accordance with the provisions of the laws in force.

Property guarantor: top real estate franchise or mortgages or other guarantees in favour of the taxpayer.

Warranty: franchising or mortgages on the property.

Mortgage broker: any natural or legal person authorized by the Commission to exercise the profession of intermediary financing between the financier and investor hand or beneficiary.

Property value: the value of the property identified by the evaluator licensee assets depending on the purpose of the evaluation process in accordance with the evaluation criteria.

Real estate agencies: Directorate of real estate interests and ruled as a provisional register Directorate and General Organization for housing and city councils, municipalities and housing cooperatives in charge of keeping records or record ownership of real estate and buildings within the areas of competence and the same task with regard to real estate transactions and give the necessary documents.

National Foundation for real estate financing: a public institution with legal personality and financial and administrative autonomy to provide stability and liquidity in the real estate market by buying mortgage loans secured by assignment and develop a secondary market for securities issued in Exchange for the loans.

(Chapter II) establish mortgage companies and mortgage refinance article (2): a-mortgage companies may be founded and mortgage refinancing companies or joint-stock company shaped purpose financing of real estate investment and disposal operations in accordance with the provisions of this law and its instructions.

B-shares are nominal and negotiable.

C non-Syrians are entitled to participate in the establishment or owns shares, only 49 percent of the company's capital.

Article (3): 1. the minimum capital of the company according to the following: a billion and a half billion pounds of mortgage company.

B-billion mortgage company ls that offer microfinance services in accordance with the provisions of the Islamic Sharia.

C-two billion and 1.5 billion pounds of mortgage refinance company.

2. the company's capital paid in cash at once at one of the banks operating in Syrian Arabic Republic.

3. pay the contribution of Syrians in foreign currencies according to the exchange rate bulletin issued by the Central Bank of Syria.

4. the Council of Ministers may adjust the minimum corporate capital on the basis of a proposal from the Council.

Article (4): licensed company shall deposit an unconditional bank guarantee in favor of the body by 10% of the company's capital in accordance with the prescribed form by the body.

Article (5): If the company defined its practice of financing according to Sharia, it should remember that explicitly request created with determined in detail supervisory which will work through them and how.

Article (6): finance companies may exercise financial leasing operations in accordance with the laws and regulations in force.

Article (7): a-banks operating in Syrian Arabic Republic contribute to the establishment of companies in light of the principles and standards established by the monetary and credit Council.

B banks operating under its supervision with respect to providing mortgages without prejudice to monetary and credit Council decisions taken in this regard.

Article (8): a-corporate license applications submitted to the Commission in accordance with the forms and conditions you specify.

B-body shall examine the application in the light of the provisions of this law and the laws and regulations in force, taking into account the applicant's reputation, qualifications and previous experience and competence in the area of real estate financing in the light of the requirements and needs of the Syrian market and lift with your proposal to the Council to decide upon and submitted to the Cabinet that the licence of the company by the Prime Minister.

C-certified company's Statute in accordance with the provisions of Legislative Decree No 29 of 2011 on companies.

Article (9): a-bear body registration requirements and procedures and conditions and all the conditions of registration of the company and a private number in the register prepared for that and the company is not entitled to engage in the business of real estate financing only after this recording.

B put the financial standards authority company must abide by.

Article (10): the company may merge with another company engaged in the same activity or to stop the activity or liquidation or the greater part thereof after approval by the Council of Ministers on a proposal from the Commission and it is all according to the rules and procedures defined by this law operational instructions including the monetary and credit Council approval in case of indebtedness of banks on any or all of the companies merge or company liquidation student store or stop being active.

Article (11): a company may not receive deposits from the public.

B-the company may borrow from banks operating in Syrian Arabic Republic in accordance with the terms and conditions specified by the monetary and credit Council.

C-the company must dispose of property ownership the ownership under the provisions of this law within two years of the date is owned under the provisions of chapter v of this law except those necessary for the work.

D-the company may issue bonds or sukuk for IPO versus the amount of funding provided to recipients as well as buy and sell loan bonds and instruments issued by the National Foundation for the mortgage.

Article (12): mortgage companies and mortgage refinance companies that comply with legal and regulatory requirements applicable to its operations, including capital adequacy requirements by the instructions issued by the authority.

Article (13): a-mortgage refinance companies provide liquidity and financial resources for various mortgage lending by providing surety proportioned sources of funds with maturities of loans are granted mortgage companies and banks including mortgage providers lending.

B-mortgage refinance companies to issue bonds or sukuk for the development of capital markets and the mortgage and have put up their versions of corporate bonds or instruments to go public or private conduct surety, Governor of circular financing loans.

Article (14): Re-financing loans mortgage refinance companies to principles and guidelines established by the monetary and credit Council.

Article (15): public housing agency may conclude agreements and mortgage contracts with mortgage companies for savers or Underwriters on projects.

Article (16): a company should keep their accounts in accordance with international accounting standards.

B-the audit of company accounts auditor of the audit offices or companies approved by the Council of accounting and auditing.

Article (17): the company shall provide the authority with periodic financial reports and disclosures prescribed by the Commission.

Article (18): a-if the company's license was granted based on incorrect information provided by the applicants license license, suspended by decision of the Council.

B-If you do not remove the license suspension reasons company during her period and rectify the offense eliminates licensing decision of the Prime Minister upon proposal of the Board.

(Chapter III) mortgage agreement article (19) a mortgage shall be in buying property in accordance with the provisions of this law under the funding agreement between supplier and buyer as an investor and real estate salesman, and the agreement must include the requirements specified by the regulations.

B-if funding for investment in real estate construction on land owned by the beneficiary or for the purpose of renovating or improving a property or other areas, should be beneficial ownership of the property registered with real estate agencies and records to be funding under an agreement between the beneficiary and the payer and any other party on the agreement.

C-the Board shall issue a decision models of financing agreements referred to in the preceding paragraphs.

Article (20): investor or beneficiary may dispose of property to sale or donation or other dispositions or arrange any right eye after the conflict consent provided or disposer should accept his right to replace investor or beneficiary on the obligations in the funding agreement.

Article (12): investor or beneficiary may rent a property guarantor or enable other holding his job after obtaining the approval of the payer in writing to landlord rights require that money funded investor or beneficiary in the cab or for fulfillment mechanism receivables occupancy.

Article (22): conflict may not refuse to approve the guarantor or leased property disposal or enable third parties from holding his job only for substantial reasons exposed with her interests and rights compromised and must notify the investor or the beneficiary of these reasons in writing within thirty days from the date of notifying the investor or his beneficiary with his desire to act or leasing or enable third parties from holding encumber or consider agreeing to funder require that the solidarity of the investor or the beneficiary with no mechanism in fulfilling obligations under the funding agreement either Landlord tenant is solidarity with the investor or the beneficiary within the lease.

Article (23): If an investor or a beneficiary in property guarantor or taxi or allowed anyone who filled against the provisions of the preceding articles funder may avoid the contract and requesting to meet with the full balance of the amount of funding and its accessories or other financing premiums by alert status by written by justice within not less than thirty days, unless the investor or the beneficiary of this meeting was the financier to take in the face of the procedures provided for in chapter v of this law.

Article (24): investor or beneficiary may precipitate the price premiums or met all funding in this case are reduced premiums due from him in proportion to expedite fulfillment in accordance with the funding agreement.

Article (25):

A-it is not permissible for non-restricted mortgage brokers listed in a table prepared by the Commission for the purpose of mediation between supplier and recipient or investor in the financing agreement.

B-determines the terms and conditions of the mortgage brokers table constraint.

C-mortgage brokers system issued by the President of the Council on the proposal of the Board.

(Chapter IV) under warranty, real estate receivables arising from the funding agreement first: under escrow article (26): operational instructions for this procedure law under the escrow to decide within one week from the date of submission to the real estate side.

The applicant must be notified of the decision about to accept or reject the documents or complete explanation by registered letter.

Article (27): includes warranty extensions property including wegharas buildings and real estate easements and customization and all it introduces facilities and subsequent easements on conclusion of the contract of guarantee.

Article (28): if holding mortgages foreclosed building ownership to the pawnbroker who has not settled his debt in the specified term or if the sale without taking legal action when non-implementation, the mortgage right and the condition is null and void in both condition and if a later agreement.

Article (29): a-if funding Ijara Ijara warranty signal is placed under a lease on this recording is the property sheet anticompetitive behaviour in the eye of the property by the lessor.

B-in the event of funding by back the beneficiary of the guarantee sign istisna'a contract financing on newspaper real estate holding back for the sake of this reference does not prevent funded operations secretion inhibitor.

II: assignment of claims arising from the funding agreement article (30): a funder may transmit his rights arising from the funding agreement in accordance with the provisions of this law with guarantees without the consent of the investor or the beneficiary to the National Foundation for mortgage or one of the licensed companies of securities and the securitisation activity directly in accordance with the provisions defined by the regulations of this law.

And the financier that lends itself to his assignee data identified by operational instructions on the funding agreement which was a transfer the rights arising from it, without the consent of the investor or the beneficiary.

B-company financing-related rights referred to issue securities or Islamic instruments, after obtaining the approval of the Securities and Exchange Commission and not exceed the value of the rights referred to it and ask for the IPO and fulfil rights arising from the securities referred to in the due dates of premiums finance and mortgage insurance and guarantee returns.

C-conflict continues in the collection of the assigned rights and rights arising from the funding agreement for the benefit of holders of securities issued by his assignee or national foundation for the mortgage and as Deputy and in remittance agreement limits.

D-funder ensures fulfilment of rights arising from the securities mentioned and may agree to ensure the fulfilment of those rights in accordance with the rules established by the regulations of this law.

E: funder must inform the investor or the beneficiary in receivables and the date on which the investor must begin or when the beneficiary payments under the funding agreement to the assignee.

-No right to the assignee or beneficiary claim bye or premium payments related to funding have kicked to the funded assets under the funding agreement.

Article (31): cost of real actors with real estate disposition records including mortgage or real estate areas and property register of buildings within its competence and the same task with regard to real estate transactions subject to the provisions of this law and give the necessary documents.

(Chapter v) alarm to expropriate property and lay hands on him or retrieve article (32): a structured financing agreement is in accordance with the provisions of this law the Executive title enforceable Jabra according to article 273 of the code of civil procedure promulgated by Legislative Decree No 84 of 1953, as amended and an expedited access.

B – implementation in accordance with the provisions of this law and the provisions of part III of the code of civil procedure promulgated by Legislative Decree No 84 of 1953 and its amendments in keeping with the provisions of this law.

Article (33): reporting or warning by postcard taped to the home of the investor or the beneficiary specified in the funding agreement with the access notice regarding communications issued by the taxpayer before putting the agreement into practice.

Article (34): the financier in case of failure of the investor or the beneficiary and premium 30 days from the date of altblgh that they meet or when lack of proven violation of the market value of the property by the neglect of the investor or the beneficiary or estate concern that threatens the investor or the beneficiary to fulfil or provide any guarantee accepted by the financier to cover the shortfall during the period of sixty days from the date of the alarm and disorderly shortage are the market value of the property based on a report by an expert assessment or evaluation company.

Article (53): If the warning time investor or the beneficiary to fulfil or provide warranty deserved all the premiums be obliged to meet the full outstanding amounts and secured by real estate collateral in accordance with the funding agreement and be the financier in this case to put structured financing agreement in accordance with this law and asks the President to seize the property subject of implementation funding agreement and booking during the week in preparation for selling it and performs a booking and reservation request flag newspaper Executive property and informs the investor or the beneficiary rights holders Registered their rights on the property sheet notification and teaches the holder.

Article (36): investor or beneficiary make payment within 30 days from the date of the notice of seizure and flag Executive real estate daily reservation in accordance with article 35 of this law.

Article (37):

If the debtor or beneficiary to fulfil during his time with the executive head decides to risk execution at the request of the creditor funded put the property up for sale at auction, the bailiff to seize the property and estimate its value by one or more experts designated by the head of the execution of the list of accredited expert according to this body of law.

Article (38): financier and certified expert to participate in the bidding, either directly or indirectly under penalty of invalidity of sale resulting from this bid.

However, if the amount of the estimated sales value limit bid this amount was less than the taxpayer benefits calculated last view auction right financier asked lay sale for discharge of the investor or the recipient of all his obligations.

Article (39): If the investor or the beneficiary to fulfil what I deserve it from the premiums and accessories at any time prior to the referral decision must be peremptory stay that adheres to the investor or the beneficiary that lead to funded expenses arising from the process of implementation procedures as static executable.

Article (40): no referral decision may be appealed but to defect in the bidding procedures up to the degree of lawlessness in the form of a resolution or its release after a request for suspension of action which stopped legally duty.

Article (41): neither sued sub benefit others stop execution on the property unless the Court ruled otherwise.

Article (42): Civil Procedure Act applies to judges and experts on issues that neither apply reply stop executive action that governs the final however, in the case of acceptance of the request response from the competent court, it requires the removal of all ongoing procedures during the request response.

Article (43): distribution of sale proceeds to the registered holders of registration, degree, and that after deducting taxes and fees due on the property and judicial expenses.

Article (44): public bodies which allows them to practice real estate in accordance with the provisions of this law to counsel or more to be posted instead of State issues in collection management and defend their rights.

Article (45): don't stop difference between real estate real estate newspaper descriptions and status quo of property expropriation implementation procedures at auction to be correct descriptions in the property register constraints rests with the buyer who won the auction and at his expense, provided by the referral decision.

(Chapter vi) General provisions article (46): a-meet the following allowances authority: 1. the annual allowance of actors in real estate finance, including banks operating in Syrian Arabic Republic.

2. study expenses allowance application for licensing mortgage companies.

3. license grant allowance for mortgage companies, branches and offices.

B-each of these determines the amount of allowances and amended by resolutions of the President of the Council on the proposal of the Board.

Article (47): the provisions of civil law relating to franchising and mortgage receivables at all unless it contained a special provision in the law.

Article (48): allows companies updated in accordance with the provisions of this Bill transfer the benefits outlined below from their accounts in foreign currencies arising from its toll on the basis of the approved budget assets: 1. the profits and benefits annually Arabic nationals and foreign quotas and converted the already paid contribution to foreign exchange.

2. bonuses and compensation of members of corporate boards to non-Syrians and their equivalents.

3-50 percent of net wages and salaries and bonuses and 100 percent of the severance pay owed to experts and technicians working in banks of Arabic and foreign nationals.

4. the amounts companies deserve and need to be repaid and converted into foreign exchange abroad.

Article (49): corporations at all unless stipulated in this law, the provisions of the trade and legal companies and its amendments.

Article (50): committed to mortgage providers including banks operating in Syrian Arabic Republic to register with the Commission in accordance with the provisions of this law and the regulations issued thereunder, without prejudice to bend banks to their own laws.

Article (51): a professional Union occurs those engaged in mortgage refinance under the provisions of this law shall enjoy legal personality and all those engaged in the real estate financing in the Syrian Arabic Republic members in this Union.

B-the interests of its members and the Union shall apply the rules of practice of the profession and to represent those engaged in real estate finance with any party regarding mortgage activity.

C-determines the nature and Union regulations of its tasks and responsibilities and conditions and procedures for public assembly and his Board membership and allowance annual subscription and disciplinary action against its members.

D-issued Chairman overseeing the mortgage decision to adopt and ratify the Union system and recorded in the records of the Union body after performing together recording allowance 10000 1000 for just a million SP.

-The authority of representation to attend meetings of the Board of Directors and its committees without the right to vote on decisions.

Article (52): operational instructions for this Act by the President of the Council on the proposal of the Board.

Article (53): this law shall be published in the Official Gazette and shall be deemed effective as of the date of issuance.

Damascus in 6-5-1433 Hijri, 29-3-2012 ad.


President Bashar Al-Assad