Turkish Grand National Assembly Warning: You Are Viewing Act, The Parliamentary General Assembly Has Already Adopted. If It Does Not Include The Changes Made Later. Housing Finance System For Several Law Changes In Y

Original Language Title: TÜRKİYE BÜYÜK MİLLET MECLİSİ Uyarı: Görüntülemekte olduğunuz Kanun, TBMM Genel Kurulunda kabul edildiği halidir. Varsa daha sonra yapılan değişiklikleri içermemektedir. KONUT FİNANSMANI SİSTEMİNE İLİŞKİN ÇEŞİTLİ KANUNLARDA DEĞİŞİKLİK Y

Read the untranslated law here: https://www.tbmm.gov.tr/kanunlar/k5582.html

Law No. 5582

Acceptance Date: 21/02/2007
Article 1 - Debt Enforcement and Bankruptcy Law No. 2004 dated 09.06.1932 of the following paragraph is added to come after the first paragraph of Article 45.
"2499 Capital Market Law 38 / substance of the receivables has been guaranteed by a pledge due to financing housing as defined in paragraph Housing Development Administration of the follow up of receivables has been guaranteed by a pledge of the Presidency pledge can be followed through to be converted to money or to apply to foreclosures way."
Article 2 - The following paragraph has been added to Law No. 2004 after the second paragraph of Article 128.
"Executive suite 2499 of the Capital Market Law 38 / A of the receivables due to financing housing as defined in paragraph Housing Development Administration of the follow up of receivables has been guaranteed by a pledge of the Presidency, the sale required for the immovable property valuation, the same Law Article 22 of the first paragraph (r ) is done by the person or organization authorized in accordance with clause. "
Article 3 - Act No. 2004 128 / a following sentence is added to the substance to come after the first paragraph.
"2499 Capital Market Law 38 / A of the Housing receivables due to financing housing as defined in paragraph Administration follow up of receivables has been guaranteed by a pledge of the Presidency, expert review of the decision to be made in accordance with the first paragraph of the Code Article 22 of the first paragraph (r) authorized in accordance with subparagraph is done to people or institutions. "
ARTICLE 4 - The following paragraph has been added to Law No. 2004 after the second paragraph of Article 134.
"2499 Capital Market Law 38 / A of the receivables due to financing housing as defined in paragraph Housing Development Administration of the follow up of receivables has been guaranteed by a pledge of the Presidency, is implemented as twenty percent rate in the second paragraph."
Article 5 - Act No. 2004 149 / a following sentence is added to the substance.
"2499 Capital Market Law 38 / A of the Housing and receivables due to financing housing as defined in paragraph Administration follow up of receivables has been guaranteed by a pledge of the Presidency, the second paragraph is applied as thirty percent rate in the. In case of rejection of the request of Appeal, the amount received as collateral paid to the creditor as compensation half. after the creditors of the sale request by appreciated and definite value, is understood to meet the will of Merhi met the rest of the remaining amount of collateral, the remainder of the guarantee, if any, be returned to deposit a guarantee. "
Article 6 - The following provisional article has been added to Act No. 2004.
"TEMPORARY ARTICLE 8 with the third paragraph of Article 128 of this law article 128 / a of the second paragraph of the end following the third year of the entry into force of 2499 of the Capital Market Law 38 / substance of the Housing Development Administration of receivables due to financing housing as defined in paragraph in pursuit of providing the receivables to pledge real property for appraisals or expert review of the Capital Market Law Article 22 of the first paragraph (r) was given responsibility for real estate valuation activities, pursuant to the person or the institution as well as other specialist expert can also be made by means of. "
Article 7 - 2499, dated 28.07.1981 the following paragraph is added to Article 3 of the Capital Market Law.
"K) Mortgage Capital Market Intermediary Mortgage covered bonds, securities based on mortgages, mortgage finance institutions in capital markets outside of equity securities issued by the vehicle and based on receivables arising from housing financing or other capital market issued under the guarantee of these receivables cars are. "
Article 8 - 2499 Law Article 13 / A title with article has been amended as follows.
"Mortgage collateralized securities
ARTICLE 13 / - Mortgage collateral securities, which are the general obligations of issuers and promissory notes issued showing the corresponding assets in the form of collateral pool. Mortgage covered bonds banks and the Law 39 / on the matter It can be exported as defined by mortgage finance companies.

Issuers, mortgage of assets that guarantee the securities, separately from other assets, is obliged to follow in their collateral pool created. Guarantees procedures concerning the keeping of records related to assets included in the pool and principles of the Banking Regulation and Supervision Board determined by the Board by taking the appropriate view. Board, Banking Regulation and Supervision Board, by obtaining the approval of the guarantee in a separate registration agency before as well as the issuer of the records of the assets included in the pool can hold the mandatory retention.
Collateral pool; A building permit from housing and other property secured by the mortgage on receivables, and substitute assets consist of agreements made them for the purpose of hedging. In addition to these remaining assets and it will not be included in the collateral pools.
Occupancy permits were issue of receivables secured by the mortgage on the related subject of the value of seventy five percent, while the receivables secured by the mortgage on other property received a building permit in excess of fifty percent of the property's value related to the calculation of the value of collateral ignored. Guarantees building permit will be included in the pool house and other property taken over matured receivables secured by the mortgage of all payments must be made.
Substitute assets are cash, government securities, securities issued by the Treasury bail for Economic Cooperation and Development Organization to member centers with the central government of the country banks or by the Board issued securities with the guarantees approved consist of assets of a similar nature.
All assets in the collateral pool to be secured by liens on other property taken in building permit and will not exceed fifteen percent share of substitute assets separately.
Issuers interest in the collateral pool of assets, foreign exchange, credit and other risks can be protected from contract order. Guarantees made in order to hedge the assets in the pool are included in the collateral pool agreement.
Mortgage covered during the period until the redemption of the securities;
A) Collateral mortgage of the nominal value of the assets in the pool secured equal or be more than the nominal value of the securities,
b) deposit a minimum mortgage is equal to or more than the return on the securities of the return of the assets in the pool,
c) Guarantees the amount of revenue derived from the assets in the pool and pay periods in terms of mortgage securities has made payments to meet,
d) collateral mortgage of the net present value of the assets in the pool guaranteed to be by more than two percent of the net present value of securities is required
. The principles and procedures for the implementation of this paragraph shall be determined by the Board.
New assets may be included in the collateral pool in order to provide additional securities issued or eighth paragraph under specified conditions. If there is a reasonable justification, issuers, with the approval of the responsible bond can remove an asset from the pool of collateral or guarantees were included in the collateral pool may change to an asset that is not in the pool. By obtaining the approval of the Board of the Issuer is required to determine the responsible
a guarantee. the nature of the collateral should have responsible are determined by the Board. The Board, with mortgage securities in order to guarantee protection of the rights of the responsible of the responsible or guarantees do not want to change is authorized to change automatically.
Collateral manager, the scope of this article;
A) Guarantees the creation of the pool and guarantee that qualifications of the assets included in the pool,
b) the collateral pool protects the availability of assets that are included and changes for the qualities that have these assets,
c) guarantees if necessary kept by the Board records of the assets included in the pool of the issuer, as well as a separate registrar, the eyes of the eclipse,
d) is considered to conform to requirements in the eighth paragraph
watch, on matters as determined within the framework of principles and procedures determined by the Board is responsible for the issuers and provide the Council with information .

Guarantees responsible for the issuers of all types of land registry in the Registry Agency and deemed necessary condition for the assets in the collateral pool information and to request the certificate is authorized to obtain information from the relevant records to examine and employees. Issuers records and land registry organizations are obliged to provide information and documents requested by the responsible coverage. Collateral responsible, and if the information requested documents preventing them from being reached, the state is obliged to inform the Board immediately.
Mortgage covered bonds until the redemption of securities, assets in the collateral pool are not saving than collateral purposes, not pledged collateral can not be displayed, seized, including the purpose of the collection of public receivables and can not be included in the bankrupt's estate, also can not be the precautionary measures decision on them .
Collateral in agreement with the assets in the pool will be the purpose of hedging, collateral pool and the mortgage secured until the liquidation of securities of the contract in case of bankruptcy of the issuer must have a clause can not be terminated unilaterally. Failed to comply with the terms of the obligations arising from mortgage securities of
Issuer, be transferred to public institutions of governance, derived from the assets in the collateral pools in the abolition of the operating permit or bankruptcy comes first mortgage against the securities holders and guarantee contract with the purpose of hedging the assets in the pool used for payments to be made to the side. In this case the Board;
A) The current mortgage with the early redemption of securities, securities be carried out by the Investor Protection Fund, the gradual liquidation of related transactions with an executive appointment or guarantee gradual liquidation of the assets in the pool with the liquidation of the assets in the pool will carry out operations related to these
b) Guarantees of the assets in the pool, mortgage securities will assume any liability arising from the issuer qualification to be transferred to another organization having,
c) mortgage covered securities liabilities assuming arising from, the assets in the collateral pool management and the mortgage is paid to the owners of securities trading income derived from this pool the appointment of an administrator to carry out, has the authority to decide on matters
. The Board directors or investors will be assigned Protection Fund to be paid from the assets in the pool collateral services under this paragraph to decide on issues and procedures related to the calculation of the payment to be made and is authorized to determine the principles.
Issuer of mortgage fails to fulfill its payment obligations arising from securities and the collateral be insufficient to cover its liabilities with the assets of the securities included in the pool, take the cover assets with unmet mortgage in the pool may have recourse to other assets of the securities with the issuer.
Collateralized mortgage limits specified in Article 13 does not apply to the issuance of securities. Mortgage securities issuance limit, export requirements, collateral agreements can be made in order to hedge the assets in the pool and the mortgage with the principles and procedures relating to the receipt of securities to the Board provided that collateral is determined by the Board other matters related to securities. "
Article 9 - 2499 Act 13 / following to come after the Article 13 / B substance has been added.
"Assets collateralized securities
Article 13 / B - Assets collateralized securities; which is a general obligation of the issuer, receivables and promissory notes issued under the guarantee of fixed assets. Assets covered entities that issue securities, issuance limit, export requirements, collateral that credit and asset types shown, limitations on assets to be given as a guarantee, the valuation of receivables and assets given as a guarantee and the principles and procedures for reporting determined by the Board.
Deposit principles and procedures concerning the keeping of records of the assets will be shown and the Banking Regulation and Supervision Board determined by the Board by taking the appropriate view.

The Board may require a guarantee of the issuer to identify the responsible. Guarantees responsible for the guarantee of the existence of the assets included in the pool and qualifications, track collateral monitoring the creation and assurance of asset pool to pool, in the framework of principles and procedures determined by the Board on matters that determination is responsible issuer and provide the Council with information.
Guarantees responsible for the issuers of all types of land registry in the Registry Agency and deemed necessary condition for the assets in the collateral pool information and to request the certificate is authorized to obtain information from the relevant records to examine and employees. Issuers records and land registry organizations are obliged to provide information and documents requested by the responsible coverage. Collateral responsible, if prevention of the requested information and documents to reach, the state is obliged to inform the Board immediately.
Asset covered securities were redeemed up to guarantee the assets in the pool, can not save except for collateral purposes, not pledged collateral can not be displayed, seized, including the purpose of the collection of public receivables and can not be included in the bankrupt's estate, also can not be the precautionary measures decision about them.
Board, Banking Regulation and Supervision Board's approval is received by the collateral to the issuer as well as the records of the assets included in the pool before the agency can keep a separate record keeping mandatory.
Guarantees of quality should have responsibility are determined by the Board. Assembly being secured is authorized securities have their rights protected in order to guarantee responsible of the responsible or guarantees do not want to change to change automatically. "
ARTICLE 10 - 2499 Law Article 22 of the first paragraph (r) has been amended as follows.
" r) can be found in the valuation of investment properties valuation in the capital market valuation institution and who will determine the conditions for declaring lists the valuation organization fits into these conditions; This Law 38 / A of the follow-up of receivables due to financing housing described in the first paragraph and 38 / A of the valuation made under the fourth paragraph of the related real estate to determine the requirements for individuals and institutions to make valuation and to declare if these conditions conforming lists individuals and institutions, "| || ARTICLE 11 - Law 2499 Article 28 (b) of paragraph has been added to the following paragraphs to come after the second paragraph.
"of mortgage covered securities collateral pool assets collateralized by securities collateral pool of mortgage funds, asset financing funds and the last business day of each quarter of the investment fund to be calculated not to exceed five hundred thousand in the registration fee of the net asset value will be credited to the Special Account in the next ten business days. This paragraph in the rate of registration fee not to exceed the stated rate of Ministers determined by the Council. "
ARTICLE 12 - Law 2499 of the following to come after the Article 38, 38 / A, 38 / B and 38 / C have been added.
" Residential financing
Article 38 / a - housing finance, the credit extended to consumers in order to obtain housing, rental housing to consumers through financial leasing, consumer loans under the guarantee of the issue they have is granted. The loans granted in order to finance the loans are also included in the scope of housing finance.
Housing finance institutions housing finance institution are direct consumer loans, or leasing by banks and the Banking Regulation and Supervision Agency lease approved reside in by housing finance activities of companies and finance companies. The principles and procedures related to insurance contracts for
Treasury housing finance Turkey Insurance and Reinsurance Companies Association of Industry and Commerce, the Ministry of the refinancing for the principles and procedures of the loans under the housing finance is authorized to determine, taking the opinion of the Banks Association of Turkey.

Assembly for mortgage capital market loans, which rest or security of the vehicle and finance lease receivables to be issued, the credit opening or lease done, this will be taken of the housing finance fund portfolio or mortgage or be included in the pool collateral underlying the securities funds received or guarantee portfolio, the revaluation of receivables included in the pool stages, residential real estate valuation activities was given responsibility for the valuation to be made by the person or institution has the authority to require.
Housing finance fund
Article 38 / B - Housing finance fund, with the money collected in respect of securities based on issued mortgage account holders of mortgage-backed securities are assets created by the fiduciary ownership principles.
Fund founders of the fund's portfolio is located in credit and mediating payments transactions related to these funds to establish the limits of the portfolio or the protection of the credit worthiness of the risks in order to increase the types of entities that can be taken to the fund's portfolio, including contracts awarded, based on the mortgage portfolio limits issuance of securities and Assembly the procedures for obtaining the record and shall be determined by the Board. Installers can give guarantee for the issuance of mortgage-backed securities.
Fund has no legal personality, but are separate from the assets of the founder's property assets. Fund assets, until the redemption of securities based on issued mortgage, not save another purpose can be pledged collateral can not be displayed, seized, including the purpose of the collection of the public will not be given precautionary measures decision and can not be included in the bankrupt's estate.
Fund Board represents the Fund in a manner that protects the rights of the holders of issued mortgage-backed securities and manages. The accuracy of the recording of assets purchased for the fund portfolio and is responsible for protecting these assets from the fund board and storage. conditions and procedures for the management of the fund's assets for the Fund Board and shall be determined by the Board.
Founder, fund board and issued mortgage-backed securities in the relations between the owners of this Law and related legislation mandate the contractual provisions of the Code of Obligations in the absence of provisions applied.
Assembly, the records of the assets in the fund portfolio may require records to be kept in the establishment of a separate State.
Mortgage in receivables arising from a leasing contract for a loan or issue of real estate secured event of the fund's portfolio, real estate loans or receivables related to the matter was transferred to the fund's declaration at the registry are saved in the household. The Board received a loan guaranteed by mortgage or real estate as a subject to be taken to fund the leasing portfolio of receivables arising from contracts, mortgage or property; fund account may require that title to be registered in the name of its founder.
Fund Statute, the owners of mortgage-backed securities, and one of the founders of the fund board has to be stored according to their fiduciary ownership principles and mandate of the fund's portfolio iltihakî a contractual agreement pursuant to the provisions of the management subject areas.
Statute and the Fund will be determined by the Board with other documents, to be allowed to fund the establishment and registration of mortgage-based securities to be issued must be consulted at the request of the Board.
Fund portfolio is divided into different classes may be issued mortgage-backed securities with different rights on these classes. It must be defined in different mortgage-backed funding principles related to the rights granted to the holders of issued mortgage-backed securities and securities issued by statute.
Assembly of the assets in the portfolio valuation to fund the activities and the management principles, merger, end to and liquidation of the fund statute of the scope of the fund management contracts and storage contracts, modified, is authorized to determine the principles and procedures for the registration and announcement.
Founder
fund the event of a fall or repayment difficulties Assembly may decide the fund's management and representation of the Investor Protection Fund or any other fund or funds to be appointed by the Board of execution to be transferred to another founder. In this case, if it is assured of the founders of the portion not covered by the fund assets for repayment of the issued capital market instruments continue to obligations regarding the timely and precise manner. The Board appointed the fund board or investors will be paid from the fund assets in return for services rendered under this paragraph Protection Fund to decide on issues and procedures related to the calculation of the payment to be made and is authorized to determine the principles.
bankruptcy case of bankruptcy or liquidation of the founders of the Fund or the Fund Board members, the Board is authorized to take necessary measures.
Asset financing fund
ARTICLE 38 / C - Asset financing fund, with the money collected in respect of securities based on assets issued, account holders of securities based on assets represent assets that are created by the fiduciary ownership principles. assets that can be taken to asset financing fund portfolio is determined by the Board.
This Law 38 / B of the other provisions of paragraphs outside the provisions of the first paragraph also applies to asset financing funds. "
ARTICLE 13 - 2499 of the Article 39 of the Act has been amended as follows.
" Article 39 Other capital market institutions; organization and operating principles determined by the Board, exchange and storage of capital market instruments, grading, organizations dealing with issuers and supervision of the capital market institutions, investment consultancy, which companies meet their capital market activities such as portfolio management, asset management companies, mortgage finance companies, mortgage funds asset finance funds, venture capital funds, venture capital investment trusts, futures brokerage companies to operate in the capital market are real estate appraisal institutions and portfolio storage company. "
ARTICLE 14 - Law 2499 of the following to come after the Article 39 39 / substance has been added.
"Mortgage finance companies
Article 39 / a - Mortgage finance companies, exclusively subject to takeover of receivables arising from financing, transfer, management of the assets comprising inherited assets and was established to provide resources by taking as collateral of credit, capital market institutions are qualified as joint-stock companies. Mortgage finance companies can conduct transactions for the purpose of risk management required by its activities.
Mortgage financing in cash of the paid-in capital of the new organization, and as free from any kind of collusion can not be less than the amount projected for 5411 in development and investment banks. the requirements for the founder and the capital or voting rights directly or indirectly ten percent or more of the constituent shares with the ratio below though appoint members to even board the concession that 5411 owners of shares Banking Law in the bank founding partners of transport are required.
Housing finance resulting receivables and other assets in case of supply sources of mortgage finance companies by a guarantee, guarantee investments which can not be saving any other purpose, not pledged collateral can not be displayed, seized by third parties, including the purpose of the collection of public receivables, precautionary the injunction can not be and can not be included in the bankrupt's estate. Board, Banking Regulation and Supervision by taking the opinion of the Board, the records related to assets that are held as collateral may require the establishment of a separate record before.
Mortgage finance institutions foundation, operating principles and basics, activities on the basis allowed by reputation, matters related to the obligations will be governed by the Banking Regulation and Supervision Agency by obtaining the approval is determined by the Board. It is essential to apply to the Board for permission to take the organization and activities of mortgage finance companies. In case the Banking Regulation and Supervision Agency of supervision and control of the subject mortgage foreseen to participate in an organization with funding organizations apply to the Board for the order to take the organization permission for establishment license approval of the Banking Regulation and Supervision order to be granted must be taken. "
ARTICLE 15 - 2499 Law 40 / next to come after the Article 40 C / D substance has been added.

"Turkey Appraisers Association
Article 40 / D ones with real estate valuation expertise license, legal personality of a professional organization in the quality of public institutions which are obliged to apply to become a member of the Turkey Appraisers Association. Licensee that are eligible to receive license Since the notification is obliged to make the necessary application within three months. do not meet the aforementioned requirements one of the license is revoked by the Board.
Turkey Appraisers Association, the real estate market and do research to ensure the development of real estate valuation activities, provide training and certification solidarity of union members and the profession which requires care and create professional rules and valuation standards for work in the discipline, take the necessary measures in order to prevent unfair competition, his legislation granted or make arrangements on matters determined by the Board, conduct, supervise, give disciplinary action prescribed in the Union Statute, cooperate with relevant organizations representing members on relevant issues making, professional development, to inform the members on this issue by following the administrative and regulatory officers and officials.
Union, regional and country generates statistics on real estate values ​​in general and publications. Housing finance the scope of information on the evaluations made, it must be forwarded to the Union according to the procedures and principles to be determined by the Commission.
Union, arrangements will be made and decided in this Act, the Board regulations, the notification and decisions are obliged to comply with other regulations.
Members, the Union must comply with the Statute and the decisions taken by the Union.
Union 40 / subject to the provisions in Section C. "
ARTICLE 16 - 2499 Law 46 / A substance added the following paragraph to come after the first paragraph.
" The Board Article 46 of paragraph (h) of Article accordance with the gradual liquidation Deciding if mortgage finance companies of execution by the Fund of the gradual liquidation, also failed to comply with the terms of the obligations of the issuer, the total value does not exceed the assets of the total value of the liabilities to be transferred to public institutions of management, mortgages in action the abolition of the permit or bankruptcy of covered securities and asset covered securities the founder of the collateral pool consisting of assets that guarantee or mortgage fund or asset financing funds if the fall of repayment difficulties housing finance funds and asset financing fund assets can decide execution by the Fund of the gradual liquidation or administration. This paragraph will be made by the Fund in accordance with the gradual liquidation and administration for spending Fund income is determined by the Board and which ones can be used. "
ARTICLE 17 - 2499 Law 46 / B next to come after the Article 46 / C agent is added.
" gradual elimination of mortgage finance companies
Article 46 / C of this Act the first paragraph of Article 46 (h) shall be removed in accordance with the powers of the mortgage finance companies may be decided by the Board to the gradual liquidation. liquidation of these institutions is carried out by the Investor Protection Fund.
Gradual liquidation of the objective of mortgage financing is the presence of the same organization or to liquidate his assets according to the nature of the job by assigning the value obtained by converting to cash. 6762 Turkish Commercial Code and the gradual liquidation decision process, Enforcement and Bankruptcy Law No. 2004 and the provisions of other legislation regarding the liquidation will be charged. application procedures and principles of the gradual elimination of mortgage finance companies is determined by the Board.
After the gradual liquidation decision, the task of the legal organs of the mortgage finance companies and authorities, are fulfilled by the liquidation until the conclusion of the Investor Protection Fund. However, the first paragraph of Article 46 (h) the provision reserved.

About stops payment of mortgage finance companies given the gradual liquidation decision and mortgage funds, asset finance funds and assets of the asset covered securities and mortgage except the collateral pool of securities on the entire property can only be saved by the Fund as of the date of decision. The Fund will identify the assets and liabilities of the mortgage finance companies. Of mortgage finance companies, liquidation of its obligations within the scope of cash debts, principal and accrued interest on the date of the gradual liquidation decision is based on the total. after issuance of the liquidation decision gradual maturity of the mortgage finance companies from the rights and obligations of the securities, as the term is defined. Of mortgage finance companies, the term to short-term debt, and other debt from the date of gradual liquidation No. 3095 Magnificent legal default interest and default interest provided for in the third paragraph of Article 2 of the Law on Interest executed. issued by mortgage finance companies in accordance with securities legislation also be taken into account in the active accounts.
Fund, mortgage finance companies Liquidation covered rightful owners and receivables, recording in the Assembly, mortgage finance companies of records, which trusted with the records of other public and private institutions is about this organization determines, based on other information and documents. Enforcement and Bankruptcy Act of 278, 279 and in the presence of the situations in Article 280, opened for annulment by the Fund.
Assets of mortgage finance institutions, the purpose of the liquidation will be used to pay for the rights covered. However, not enough to meet all of these receivables liquidation balance of payments garamet is done. This will be fully funded from the excess after the first paid his expenses for claims arising due to liquidation of the Fund and the rest from public receivables. Balance is allocated to other creditors. assets of mortgage finance companies, the receivables have rights under the liquidation of the aim is not enough to meet the Fund payments and liquidation expenses, the Fund may ask the bankruptcy of mortgage finance companies with the opinion of the Board. "
ARTICLE 18 - 2499 Law Article 47 of the first paragraph (a) subsection (5) of sub-clauses (c) has been amended as follows.
"5. Capital market institutions, this Law 13 / A and 13 / B of the scope of coverage and the responsible 38 / B and 38 / C substances within the scope of the Fund Board; capital market activities in capacity due or trustee or to the administration or as collateral Or, no matter what under nam, record or physically deposited or delivered capital market instruments, cash and any other assets in his or anyone else's interest sell or pledge, or whatever way regardless of use, or, the action denying or concealing achieve this aim or held on computers to hide this deed records bonds and representatives of legal entities with real people tağy is that about, "
" C) of this Act Article 6 of the second paragraph to 7 , 9, 10, 10 / a, 11, Article 12, to, Article 13 of the fifth paragraph, Article 13 / a of the second, third, fourth, fifth, sixth, eighth, ninth, tenth, eleventh, twelfth, thirteenth, fourteenth and fifteenth to paragraph 13 / B of the third, fourth and fifth paragraphs, Article 14 of the third paragraph, first of Article 15, second, third, fourth and fifth paragraphs, 16, 16 / agents, Article 25 of paragraph (a), 28 th Article (b) article, Article 34 of, Article 38, 38 / a Article 38 / B third of substance, fourth, seventh, ninth, tenth and the twelfth paragraph, 38 / C under Article 38 / B third of substance, fourth, seventh , ninth, tenth and the twelfth paragraph 39 / a of the 40 / B and 40 / D agents, 45th clause of Article 46 of the second and fifth paragraphs, 46 / a, 46 / B and 46 / C agents who violate the binikiyüzell the shall be punished with a judicial fine day. "
ARTICLE 19 - 2499 Law 47 / a has been added to the following paragraph after the fourth paragraph of the article.
"Law 40 / D material to members fail to comply with obligations under the fifth paragraph, Turkey Appraisers Association Board of Directors thousand YTL from five thousand YTL up fine is issued. The Union investors to give the punishment shall notify the concerned person and collect income and record Protection Fund reports. "

ARTICLE 20 - Law 2499 has been added to the following temporary items.
"PROVISIONAL ARTICLE 10 - Turkey Appraisers Association Statute shall enter into force within a maximum of two years from the date of entry into force of this Act. With the real estate valuation expert licenses, during which time they are obliged to apply to the Board to be a member of the Turkey Appraisers Association.
this membership application is finalized by the Board. the Board, Union Statute calls the member of the Union within one month following the entry into force of the first general meeting. the first general assembly of the expenses are paid by the Board to be paid back to the Board after the bodies occur.
Provisional Article 11 - arranged before the entry into force of this article and this law 38 / a substance fits into the dwelling finance definition in paragraph loans and the parties of the lease agreement, consumers in the three months following the entry into force of this Article shall apply to the housing finance company which made the contract, the contract the transactions of this Law 38 / a can request to be evaluated outside the scope of the definition of the material located in housing finance. consumers are not in demand in the period, these substances are arranged before the entry into force of the agreement, this law 38 / a substance is considered under the first paragraph. This article in the contracts concluded by the Law No. 4077 on Consumer Protection before its entry into force, if paid before the maturity of the debt in any event 4077 fourth paragraph the provisions of the Article 10 of the Law on Consumer Protection is applied.
Provisional Article 12 - Financial leasing companies and finance companies that Law 38 / substances from the date of entry into force can be found in the housing finance business within six months. "
ARTICLE 21 - 23/2/1995 dated 4077 on Consumer Protection on the Article 3 of the Act the following paragraph has been added.
"r) housing finance institution: 2499 Capital Market Law 38 / organizations mentioned in the second paragraph of the article,"
ARTICLE 22 - 4077 third paragraph of Article 4 of the Act as follows: has been changed.
"manufacturer-on manufacturers, dealers, agents, importers and the fifth paragraph of Article 10 or 10 / B of the lender according to the ninth paragraph, defective goods and the consumer in this article it is jointly responsible for the elective rights. 10 / According to the ninth paragraph of Article B from the date of delivery the responsibility of mortgage lenders is limited to 1 year and the amount of the loans. Housing finance institutions 10 / B according to the ninth paragraph of the article even if the loans transferred, it remains the responsibility of providing housing finance credit institutions. the assignee of the loan will not be responsible under this article. Due to damage caused by defective goods if they are responsible for more than one person to be responsible for them severally. not knowing that it is defective goods sold does not eliminate the responsibility. "
ARTICLE 23 - 4077 third paragraph of Article 7 of the Act has been amended as follows.
" announcement and promised goods or service delivery or execution if failure as ever or should , dealers, suppliers, distributors, agents, manufacturers and producers, importers and severally responsible for the lender according to the fifth paragraph of Article 10. no notice and promised housing delivery, if you made as required and on time, 10 / According to the ninth paragraph of Article B lenders mortgage provider, vendor, provider, dealers, agents, manufacturers and producers, with importers, the credit amount up jointly it is responsible. Housing finance institutions 10 / B according to the ninth paragraph of the article even if the loans transferred, it remains the responsibility of providing housing finance credit institutions. the assignee of the loan will not be responsible under this article. "
ARTICLE 24 - 4077 Law 10 / following to come after the Article 10 / B substance has been added.
" Housing Finance Contracts
Article 10 / B - Housing finance organizations to provide general information about the loan or lease contract to the consumer before the transaction and containing the terms of the loan or lease contracts which they offer to consumers is difficult to Form pre-contract information. Consumers are free to accept or reject the offer.

Housing financing institutions and scope of the general information provided by the standard of the opinions of relevant associations Pre-Contract Information Form to be determined by the ministry. the contract signed in less than a business day following the date of the consumer of the Pre-Contract Data Sheet is valid.
Housing finance is made in writing and must be given the contract to the consumer with a copy of this contract. Conditions laid down in the contract concluded between the parties, be changed to the detriment of the consumer in the contract period.
Case of default from the date of the borrower's housing finance institutions must be submitted within five working days of default to the debtor is obliged to notify by registered mail.
Housing finance institution, if it reserves the right to demand the execution of all of the remaining debt in case of making the refund, the consumer's rights, but at least two consecutive payments available in case of default. giving at least one month in order to use this right to housing finance institutions must muacceliyet warning.
Under a finance lease, followed by the consumer to the end of the period provided muacceliyet warning, housing finance institutions to use the right to exercise all of the remaining debt if it terminates the lease contract, the housing is obliged to remove immediately sold. Housing finance institutions for housing before the 2499 sale of the Capital Market Law Article 22 of paragraph (r) of securities to the authorized person or entity, pursuant to the discretion of conduct a. Appreciated securities, sales of at least ten business days prior notified to the consumer. Housing finance institutions, taking into account the assets appreciated prudent performs the sale of the house by acting as a merchant. Consumers of housing finance institutions are responsible for the excess of the consideration received from the sale of housing loss. It exceeds the remaining debt in excess of the price obtained from the sale of housing is paid to the consumer. Housing finance for leasing transactions in 3226 of the Financial Leasing Law, 7, 25 and Article 31 do not apply.
Housing sales following the payment of the consumer the excess of the remaining debt of the implementation and consideration received consumer or in case of possession had been transferred possession of third parties holding is under obligation to discharge it. Housing homeowners in case of evacuation No. 2004 Enforcement and Bankruptcy Law Article 26 and Article 27 in accordance with the consumer or in case of possession is transferred possession of third parties holding may apply against the execution path.
used as collateral for financing in cases where given personal guarantees, housing finance institutions and other collateral without recourse to the principal debtor, the guarantor can not require the execution of the debt.
2499 Capital Market Law 38 / A of the lenders in transactions resulting definition of housing finance in the first paragraph housing finance institutions, credit in the event of a specific issue of purchase or to provide the sales contract must be made with a particular vendor, subject to no or time if the lender with the seller to deliver, against the consumer, would be jointly and severally liable up to the amount of credit granted. Housing finance institutions by the credit of the mortgage finance companies, even if the mortgage or housing finance funds to be transferred to securities collateral pool, it remains the responsibility of providing housing finance credit institutions. the assignee of the loan will not be responsible under this article.
Housing finance institutions are prohibited payment of a valuable travel documents or to guarantee binding by accepting negotiable. Despite this prohibition to be a negotiable matter from the consumer, the consumer has the right to request the return of these valuable documents from housing finance institutions. Also, housing finance institutions are obliged to compensate the damage suffered negotiable instruments transferred to others because consumers.
Credit in the amount of the refund, and in leasing transactions in excess of the principal amount of the lease payments are recognized as interest under this article.

Convention in interest rates in credit for housing finance and leasing transactions by specifying a fixed, variable or as determined by the prevailing credit both methods. the rate initially specified in the contract, determined as a fixed rate can not be changed except by common consent of both parties. Rate, determined as variable is initially specified in the contract rate, the periodic repayment amount not to exceed the maximum periodic repayment amount is still to be initially specified in the contract and still generally accepted in the country will be determined in the contract or abroad and can be changed on an index base commonly used. In case of determining the variable rate is required to inform the consumer about the possible effects of this method. Can be used for this purpose reference interest rates and indexes Central Bank of the Republic of Turkey, principles and procedures for informing the consumer of the method is determined by the Ministry.
Consumer, the total amount owed to the housing finance institutions can also prior to one or multiple payment term can be paid in advance. In both cases, the housing finance agency, to installments paid before the due date is obliged to make the required interest rate cuts. The required rate cut by the amount paid and the consumer credit regulations issued by the Ministry on the calculation of the annual cost rate is applied. If it is determined as a fixed interest rate of
, by giving in the contract, the consumer or by a case of multiple payments before the maturity of housing finance institutions may be required to pay early. Early payment fee is calculated by making the required interest rate cuts and may not exceed two percent of the amount paid by the consumer housing finance institutions early on. In case of determining the variable rate can not demand early repayment charge to consumers. at a minimum
Housing finance contract must be given in the following elements:
a) loan amount for mortgage loan contracts, the total rental fee for leasing contracts,
b) housing is mortgage on to credit agreements, leasing information on housing subject to lease for contracts
c) the annual interest rate and annual cost rate (variable rate contracts, the annual interest rate and annual cost rate start and individually calculated for maximum interest rate)
d) Total principal debt amount, interest and other expenses as of the distribution (variable rate contracts starting interest rate or rental price and the maximum interest rate or rental fee based on the total debt amount will be calculated based)
e) be based on floating interest rates, contract index and the rate of interest or the calculation of the change in rents,
f) periodically for the first year, is prepared annually for the remaining years, paid principal, interest paid and other expenses, the remaining principal payments, where the repayment or rental cost for the relevant period plan (Variable in interest rate contracts, starting with two separate payment plan is created using the maximum interest rates.)
g) repayment or lease payment number, payment dates, neither of payments is not the official date set pay vacation time to do the first and last payment dates,
h) guarantees to be requested are
i) if the borrower defaults on payment, loan agreements for contractual interest rate (the current interest rates on variable rate agreement) interest for delay not to exceed thirty per cent rate will apply to lease agreements overdue interest rate,
j) the Borrower's legal consequences of being in default,
k) Loans back in terms of making prior to the maturity of the payments or lease payments and fixed rate contracts the prepayment fee is projected basis for the calculation,
s) of the loan or rental foreign if it is determined in the currency of the calculation of the rent and the total debt repayment amounts, which conditions related to take account of the rate at the date,
m) states and the valuation of which may require the valuation of housing subject to this Convention may be made and by whom,
n ) If any insurance information on the matter which is the subject of a contract. The fifteenth paragraph of the payment of periodic payment receipt will be sent to the consumer
(d) the breakdown as specified in item and given the amount of remaining debt.

Implementation of this Article shall be considered consumer real person shareholders housing construction cooperatives. "
Article 25 - in the second paragraph of the 4077 Law Article 25" 10 / on the matter, "to come after the phrase" 10 / B substance , "has been added.
Article 26 - 06.10.1985 dated and 3226 the following paragraph to Article 15 of the financial Leasing Law added.
" However, consumers are tenants in leasing transactions providing acquisition or investment to finance housing, tenancy title of and / or contractual rights and / or obligations may transfer, subject to written consent from the lessor. Business cycles do this in the lease because the tenant changes, this Act shall be registered in the framework of Article 8 or commentary kindly. tenant
housing finance made under leasing transactions, to provide information to the lessor, other leasing transactions in the can if the contract provisions are offset against leased property possession to hand over to someone else. "
ARTICLE 27 - 03.02.1984 dated and 2985 Housing Code has been added to the following additional substances.
"Annex Article 10 Housing Development Administration of arising from the sale of residential mortgage or unencumbered receivables, can be inherited by mortgage finance companies and transferable."
ARTICLE 28 - dated 31/12/1960 and Law No. 193 of the second paragraph of Article 75 (1) and (5) subparagraph is amended as follows.
"1. dividends of any kind of shares (founders' shares and other usufruct granted to stock dividends and shareholders preparatory period with interest, or any other name with the payment with the Capital Market Law, the dividends paid on the established participation in investment funds according to mortgage funds representing issued mortgage-backed securities and asset finance funds represent issued asset-backed securities paid to interest, dividends or other income included.); "
" 5. All types of bonds (mortgage finance companies and housing finance companies by issued by mortgage capital market instruments excluding securities based on mortgages, asset covered including securities) and treasury bills, Housing Development Administration with interest, Public Participation Administration and the income obtained from the Privatization Administration issued securities (foreign currency denominated or foreign currency, gold or revaluation that occurred during the amortization of other value-indexed securities are not counted as income.); "
ARTICLE 29 - No. 193 of Law Article 94 of the first paragraph (7) subparagraph (e) after sub-paragraph I received the following to come from me added and existing (f) subparagraph (g) is amended as received me.
"f) Mortgage finance companies and housing finance institutions issued by mortgage capital market derived from vehicle dividend and interest income, "
ARTICLE 30 - Expenditure Tax Law No. 6802 dated 13.07.1956 of Article 29 (i) and (u) the following paragraph is added to the paragraph be amended as follows and materials.
"I) pension contracts, life insurance (personal accident, life insurance, including disability due to illness and critical illness contracts given as additional collateral in the collateral) and health insurance with exports of transportation insurance, and 2499 of the Capital Market Law 38 / A of the contract of insurance made financing under the subject described in the first paragraph and taken over the policy moneys "
" u) Banks, insurance companies, pension companies and mortgage finance companies the institutions and the capital of their shares they make while they increase the rest of the results in their favor disposal on the nominal value of coins "
" y) of mortgage finance institutions, housing finance institutions and housing finance fund the 2499 Capital Market Law 38 / all transactions made under the mortgage described in the first paragraph of the article by virtue of money received in favor. "
ARTICLE 31 - Fees No. 492 dated 07.02.1964 to the first paragraph of Article 59 of the Act has added the following subsections.
"O) Housing finance institutions and mortgage finance companies by 2499 of the Capital Market Law 38 / A of housing financing under the facility will be mortgage transactions described in,
p) 2499 for the purpose of the Capital Market Law 38 / A as defined in Article mortgage the transfer of the tenant in the lease to be rented,

R) Housing Administration by mortgage operations facility will be due to home sales. "
Article 32 - A) No. 492 related to the Law (1) on the tariff" (A) Court Fees "section of the" III Decision and mortar to "the paragraph titled" 1. Relative mortar titled "subsection (e) the following subparagraph is added to come after the sub-paragraphs.
" F) Subject in the case which related to a certain value and the 2499 Capital Market Law 38 / A of the receivables due to financing housing as defined in paragraph Housing Development Administration of the follow up of receivables has been guaranteed by a pledge of the Presidency, tender annulment of the demands regarding case of a decision on the merits on the disputed value under the provisions of Bin 54
Council of Ministers, written spite of this subparagraph in order to be separated, together or separately as the case kinds of thousand is authorized to issue up to written proportion downloading or law until 10. "
B) No. 492 related to the Law (1) on the tariff" (B) Enforcement and bankruptcy charges "section of the" I-execution fees "titled paragraph" 3. Value charged fees in particular with the enforcement proceedings, value via "titled added the following subparagraph to the end of me.
" H) 2499 Capital Market Law 38 / A of the Housing Authority and receivables due to financing housing described in the first paragraph of which is guaranteed by a pledge of the Presidency in the follow-up of receivables, this paragraph applies the fees charged specified rate of one in four. "
ARTICLE 33 - related to the Law No. 492 (8) of the tariff" XI. Financial activity fees "section (10) is repealed paragraph.
Article 34 - 07.01.1964 No. 488 Stamp depend on Tax Law (2) No. table" IV-commercial and papers relating to civil work "following the section (36) paragraph, the "V-papers relating to Authority" to the following section (23) and (24) numbered paragraphs have been added.
"36. Capital market instruments, receipts and papers held regarding the issue of housing finance institutions housing finance their operations and mortgage capital market instruments of those institutions, asset covered securities and asset finance issuance of securities representing the fund and receipts issued in connection with this issue to issue guarantees and papers. "
"23. Mortgage finance companies and mortgage funds, institutions and mortgage capital market instruments, asset covered securities and asset finance, representing the fund issuance of securities or exported, held in connection with any transaction, including those arising from securities and stamp duty these organizations or payable by the funds receipts and papers.
24. Mass Housing Administration issued the securities or exported, held in connection with any transaction, including those arising from securities and stamp duty receipts to be paid by the organization and papers. "
ARTICLE 35 - 25.10.1984 dated and 3065 numbered Value Added tax Law Article 17 (4) was added the following paragraph to paragraph.
"evil) 2499 Capital Market Law 38 / a of guarantees for the purpose of housing finance as defined in Article mortgages put into housing, housing finance agencies, the Mass Housing Administration mortgages finance companies or deliver to third parties (auctions, including sales made at the scene) taken with this way of housing, housing finance agencies, the Mass Housing Administration, or delivered by mortgage finance agencies (including sales to the auction site). "
Article 36 - this Law enters into force on its publication.
Article 37 - this Law shall be enforced by the Council of Ministers.