Law 39 Of 2009 Events Of Public Authority To Oversee Mortgage

Original Language Title: القانون 39 لعام 2009 إحداث الهيئة العامة للإشراف على التمويل العقاري

Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=4640&RID=-1&Last=10058&First=0&CurrentPage=6&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

Law 39 of 2009 events of public authority to oversee mortgage President based on the Constitution and approved by the NPC at its meeting on 7-1-1431 Hijri-23-12-2009 a.d. issued Miley.

(1) the following words and expressions in the field of application of this law: the Ministry: the Ministry of finance.

The Minister: the Minister of finance.

Body: General authority to oversee mortgage.

Board of Directors: the Board of Directors of the public authority to oversee mortgage.

General Manager: Director General of the public authority to oversee mortgage.

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 Ijara, istisna ' by ensuring a franchise on the property or similar subject insurance or lessor retains ownership of the property if the rent-to-own schemes or other guarantees which Accepted by the taxpayer according to rules and procedures set by the regulations of this law.

Expert evaluation: is every natural person who engages or body metaphor to account for a legal person and real estate appraisal profession responsibility and express an opinion on the fair value of real estate.

Company: a company certified by the body to exercise the profession of real estate evaluation and an institution in accordance with the provisions of civil law and commercial law and this Act.

Istisna'a: is the 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.

Beneficiary: any natural or legal person who owns a property and want it customized construction of Kiss and end that wants them.

Article (2) of the Syrian Arabic Republic spoke at a public body called the public body to oversee the mortgage "enjoys legal personality and administrative and financial autonomy and is linked to the Minister and to be based in Damascus and may make the branches and offices in the provinces by a decision of the Minister on the proposal of the Board of Directors.

By a decision of the Minister on the proposal of the Director General: a-rules of procedure of the Commission.

B-financial regulations of the authority.

Article (3) the Commission aims to:-organize and oversee the mortgage sector to strengthen its role in the national economy and development of savings in real estate and mortgage market regulatory action in the Syrian Arabic Republic.

B-protection of the rights of the various parties involved in real estate financing operations and monitor the solvency of those involved in the activity of real estate finance and mortgage fund.

C-to raise the performance of actors in the field of real estate finance and efficiency and bound by the rules of practice and literature to increase its capacity to provide better services to the beneficiaries of the mortgage and achieve positive competition among them.

D-working to provide this funding for different groups in society according to their needs and financial capabilities with limited incomes sensitivity and middle income new families both work on reducing the cost of lending and offered through savings and investment channels and determine the operational instructions criteria for determining income.

Article (4) the authority shall prepare and update the procedures for issuance of draft legislative instruments ". Regulators. Decrees. Decisions regarding real estate financing business and its activities and events and control in particular: 1. the mortgage agreement.

2. under system warranty, real estate receivables arising from the funding agreement.

3. system establishment and licensing of mortgage companies.

4. the escrow fund events.

5. organize career experts and real estate appraisal companies.

6. events of National Foundation for real estate financing.

Article (5) exercise the body in order to achieve the following tasks: a study and follow the general situation of the property market and organize and direct mortgage activity and lay down general rules in the light of the provisions of this law.

B-the development and adoption of the rules and practice of the profession's assets.

C-action and measures to ensure the efficiency of the mortgage market and preserve the rights of dealers.

D-study permit applications for mortgage companies and deciding and proposing the necessary license granted by its activity and its follow up and control.

E-Fusion applications mortgage companies or inactivated or liquidation of all or part of the assets.

F-models basic conditions for real estate financing.

G-body business planning exercise mortgage companies as financial companies that does not conflict with the laws in force.

H-place conditions governing licence applications mortgage providers.

I-preparation and maintenance schedules adhered to evaluators and experts accredited body referred to in this law and overseeing their activity.

-Enable all relevant to the subject of access to the Commission's records, reports, documents and other papers regarding mortgage activity or obtain official transcripts, without prejudice to the provisions of the laws governing classified information according to the rules and procedures established by the regulations and decisions to be made after the issuance of this law meeting allowance determined by the Board of Directors.

-Provide and disseminate information and statistics and adequate data on the activity of the Syrian Arabic Republic mortgage.

L-wise governance system and related methods and procedures for meetings of the plenary, the Governing Council and the deliberations of the mortgage companies and the method of making decisions or recommendations and oversight activities.

-Adopt accounting systems to be followed by mortgage companies and necessary forms for reporting and presentation of financial statements for submission to the Commission.

-Adopt the foundations of accounting and bookkeeping records and select the data to be included in such books and records.

Q-select records that adhere to mortgage companies or mortgage activity organized and keep them as well as the data and documents that must be provided to the Commission.

Article (6)


First: the following without other mortgage activity stipulated in this law directly recorded in the condition record prepared by the Commission for this purpose: a-legal persons of public or private sector who enters mortgage activity within their things.

B-mortgage companies.

C-those issued a decision determined by the Minister.

D-licensed banks may be registered with the Central Bank of Syria mortgage activity to the extent not contrary to the basic monetary system and decisions issued by the monetary and credit Council.

II: show operational instructions financial standards on those who work the mortgage commitment, especially: 1. the method of evaluating the company's assets.

2. determine the minimum percentage of equity.

3. the rules necessary to ensure proper functioning.

4. size of the finance portfolio.

Article (7) manage a body Board.

B-General Manager.

Article (8) a Board consists of: 1. the Minister President 2-Director General Vice President 3-4-Member Finance Minister Associate Deputy Minister of economy, trade and Tourism Minister associate member member 5-6-Deputy Governor of the Central Bank of Syria a member 7-Vice Chairman of the Securities and Exchange Commission members 8-General Manager of the insurance supervisory body members 9-Director General of the General Organization for housing a member of 10-the Director-General of the General Authority for real estate development and investment members 11-three experts on most of Experience and competence in real estate financing members, preferably from employees at mortgage companies or banks mortgage-related. Members nominated by the Prime Minister on the proposal for a period of three years, extendable once.

B-the premier issued a resolution nominating and Board members.

Article (9) the Board is the competent authority for the policy making body for the purpose and in order to achieve this: a policy development and adoption of plans and programmes for their implementation.

B-adoption of draft regulations and decisions to implement the provisions of this Act to be issued by the Minister.

(C) adoption of the draft annual budget of the Commission.

D-finance companies and license requests study proposal approved.

-Preparation of draft legislative instruments required for the Organization of the work of the real estate financing and submit them to the Prime Minister to complete reasons.

And-studying everything it finds the Chairman subject of issues relating to the Council.

G-supervising the work of the Committee of expert real estate appraisal license which will later work on elevating the profession commensurate with the expectations of the beneficiaries.

H-proposing a system of rewards and incentives for body workout includes basics and rules granting and withholding and borders to be issued by a decision of the Prime Minister and the ravages of the ceilings laid down in the laws and regulations in force.

I-adoption of the annual report.

-Propose the allowances collected body.

Article (10) a Board shall meet at the invitation of the Chairman or at the request of the majority of its members at least once every two months or whenever necessary.

B-not considered legal Board meetings only in the presence of two thirds of the members including the Chairman or his Deputy in his absence.

C-Board decisions are taken by a majority of members in the event of a tie likely next President.

D-the President of the Council to invite the Governing Council convened to discuss specific things if you give a speech in writing of at least one third of the members of the Board during a period not exceeding 15 days from the date of the request.

E-Board may use the opinions of experts or consultants in the field of real estate finance or consultancy services in real estate financing and hired when needed and remunerated wemkavathm the decision thereof in accordance with the regulations in force.

And the Board of Directors proposes his Secretary working in the body and define its tasks by a decision of the Minister.

Article (11) a Director General appointed by Decree specifying the cab and compensations suggested by the Minister.

B-be Associate Director General or more tasks are distributed between the Associate Minister at the proposal of the Director General.

Article (12) the Director-General the following duties and powers: a representation of the body and in front of others.

B the implementation of Board decisions.

C-management and development of working methods and strengthen the organs.

D-incentive rewards and incentives as provided for in paragraph h of article 9.

-To propose draft regulations for the work of the Commission and presented to the Governing Council for approval.

And raising the annual budget authority and presented to the Governing Council for approval.

G-holding expenses and disbursement and liquidation.

H-following up the implementation of plans and providing supplies.

I-the Director-General may delegate some of his powers and functions to his staff and Central managers working in the body.

Article (13) separate balancing authority shall have a special section in the State budget under 19208 number linked to the State budget in accordance with the principle of Soofi.

Article (14) the Commission's financial resources consist of the following sources: (a) the allowances collected body which verifies its activities which will determine in accordance with the financial regulations of the Commission.

B-aid and grants and donations.

C-annual subsidy allocated in the State budget.

Article (15



Determine how much authority the following suit and amended by resolutions of the Minister upon proposal of the Board of Directors.

A yearly allowance on mortgage operators.

B-study permit application expenses allowance mortgage companies.

C-license grant allowance for mortgage companies, branches and offices.

Article (16) a Council shall appoint an auditor from audit firms approved under regulations issued by the Commission.

B after auditing accounts are subject of auditor approved by the Council to review the central financial control which report to the Minister.

Article (17) issued a decision granting a licence for mortgage companies by resolution of the Council of Ministers upon proposal of the Board of Directors.

Article (18)


Any of the staff of the Commission to be of special benefit, directly or indirectly, in any act of mortgage companies or mortgage refinance or mortgage valuation experts for the duration of his ban lasts for two years after you disconnect from service and committed to notify the Commission of any benefit might arise during his tenure under pain of legal accountability.

Article (19) a mortgage activity in accordance with the standards and regulations set by the regulations of this law and decisions issued by the regulatory body and fit with the financial capacity of a beneficiary in the light of the general situation of the property market in the Syrian Arabic Republic.

Operational instructions defines the rules and procedures of the mortgage and credit limits and funding to the value of the property in a restricted assessment experts in the schedules prepared by the Commission for this purpose.

B-business banking side is subject to mortgage companies to comply with the regulations and decisions of the monetary and credit Council.

Article (20) e-holders and workers who adjust infractions of this law and its regulations in law enforcement and are nominated by the Minister and are practicing their work after their oath before the President of the civil court in their area that do their work honestly and faithfully.

B-entitled to see all records and books and documents to the concerned authorities.

C officials concerned to facilitate the task of law enforcement staff referred to control irregularities with the necessity of abiding by the provisions of the laws and provisions of professional secrecy.

D-record fighting irregularities and submit to the Director-General as a prelude to trigger the public order offenders in accordance with the provisions of this Act at the request of the Director General.

Article 21 the following penalties against violators of this law: (a) is punishable by imprisonment for three months and a fine of not less than 500 000 ls or a fine of mortgage activity proceeded stipulated in this law without the necessary licence.

B-punishable by a fine of not less than 300 000 ls utility forfeit and violation of the provisions of article 18 of this law.

C taking into account the provisions of paragraphs a, b "referred to above shall be sentenced to imprisonment of one month and a fine of not less than 400 thousand SP or one of those penalties any person who contravenes the provisions of this law during the mortgage activity.

Article (22) with no stipulated in this law under the body of laws and regulations applying to public bodies of an administrative nature and applies to body workout provisions of law No 50 of 2004, as amended.

Article (23) issued regulations for this Act by a decision of the Prime Minister upon proposal of the Board of Directors.

Article (24) this law shall be published in the Official Gazette and shall be deemed effective as of the first of the month following the date of publication.

Damascus on 14-1-1431 Hijri-30-12-2009 ad.

The President of the Republic



Bashar Al-Assad, Egyptian populate Attorney