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ACT N ° 13.115

HOUSING LOANS

IS AUTHORIZED TO THE CENTRAL COUNCIL OF FAMILY ALLOWANCES, TO BE GRANTED TO ITS OFFICIALS AND EX-OFFICIALS.

DECREE:

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Article 1 °.
Authorize the Central Council of Family Assignments to grant mortgage loans to its officials and former officials for the acquisition, construction, repair and extension of farms destined for permanent housing, of the borrowers or their successors in title, or the cancellation of charges made on such buildings.


Article 2 °.
The Central Council of Family Appropriations may provide for the purpose of this law up to thirty percent (30%) of its annual liquid surplus and for one time, of a the contribution of six million pesos that will be taken, in the form that the Executive Branch will regulate, of the surpluses accumulated by the Family Appropriations Banks up to the date of the entry into force of this law and that they will not have permanent affectation.


Article 3 °.
They will be beneficiaries of these loans:
(a) Officials of the Central Council of Family Allowances and of Family Allowances, with an age in such bodies not less than five years and a minimum of ten years ' time to be eligible for retirement; ex-officials of those who have served on the same bodies for five years or more, have ceased to retire or resign, and in the latter case they must hold paid posts in the Public Administration, and not less than ten years for the retirement effects. (c) the spouse or descendants, in that order, of officials of the Central Council or of the deceased allowances provided that they are entitled to a pension from the deceased and that he has not made use of the loan, however, at the time of his/her death of the conditions laid down in points (a) and (b). In the case of this point, the granting of the loan to a beneficiary excludes the others.


Article 4 °.
The mortgage loans established by this law shall be granted only once and when the buildings referred to in Article 1 constitute the sole property of the borrower in the Department.


Article 5 °.
The amount of the loan, which may not exceed one hundred and fifty thousand pesos ($150,000.00), for purchase, repair and extension of farms and cancellation of levies; and two hundred thousand pesos ($ For construction, it shall be in relation to the salary of the borrower's activity or passivity, in the first case the remuneration and compensations for the retirement effects. Interest will be three percent (3%), its maximum term of 30 years and the other terms of the loan will be fixed by the Central Council of Family Assignments. The fee to be retained by way of interest and amortisation, plus the additional life assurance and guarantee, shall not exceed 40% (40%) of the total nominal remuneration of activity or passivity received monthly by the In the case of the borrower, 60% may be raised (60%), when the latter has other income exceeding 70% and 5% (75%) of that quota. It will govern the repayment of the loan and payment of interest, the mobile quota system. As a result, nominal increases that experience the income taxed with the debt service will be affected by a percentage equal to that which was established at the time of the respective writing. The lending institution shall adjust the amount of the quota on each occasion on which those increases occur. In the case where the mortgage operation or the extension of the loan to new work is carried out, works of paving, sanitation, or household health facilities are carried out, the Fund shall agree to an extension of the credit, adding to the amount of the debt, that of the amount necessary for the payment of these complementary works; for such purposes, the limits established for the quotas may be raised to fifty percent (50%) and to sixty-five percent (65%) respectively.


Article 6 °.
Without prejudice to the above, when the retention fee set in the loan or extension write exceeds thirty-five percent (35%) of the wages, wages, or (ii) the increase in the amount of the levy will not determine a corresponding increase in that quota, until the amount of the quota amounts to thirty-five per cent (35%) of the assigned revenue. From that moment on, the retention rate will be definitively set at thirty-five percent, (35%) and the provisions of the previous article will be strictly adhered to.


Article 7 °.
Borrowers who will be able to provide services outside the Central Council, or the Compensatory Boxes, or retire, will suffer on their wages, under the conditions set out in the Articles (a) the discounts necessary for the service of the amortisation and interest fixed, which shall be withheld by the undertakings or offices responsible for paying such salaries or passivities as a percentage of the new remuneration, giving it to the Central Council within five days of the respective payment.


Article 8 °.
Late a farm borrower taxed in favor of the Central Council of Family Allowances, in accordance with this law, the heirs referred to in Art. 3 °, inc. (c) as well as the other heirs or legatees not included in that list, but who have lived with him from one year before his death, shall continue to pay the corresponding fee. If the borrower, heirs or legal persons who do not find themselves in the conditions referred to in the preceding subparagraph, have succeeded, the Central Council shall require the immediate cancellation of the loan and, in the absence thereof, shall carry out the either.


Article 9 °.
The Central Board of Family Assignments shall take the administration of the immovable property under the agreed mortgage loan in accordance with this law, in the following cases: (a) Where the property is not fully inhabited by the borrower or his/her relatives in the cases provided for in Article 3, without prejudice to the provisions of the Inc. (e) of this Article; (b) If the deceased has died, and his heirs of the grades indicated in Art. 3., he shall cease to serve, for six months, the service of amortisation and interest on the mortgage loan; they have been heirs or legal persons not included in the list of Art. 3, who have lived together with him from one year before his death, when they incur the delay provided for in the preceding subparagraph; (d) Where the beneficiary of the I shall leave to be an official of the Central Council or of the Assignments Family, without retirement, and will omit to serve the monthly loan fee for a period of three months; e) If the borrower should leave the room of the estate by prescription he should leave the room of the estate by medical prescription, ratified by the respective service of the Central Council of Family Assignments; (f) Where the transfer of the borrowing officer to another locality and the service is available at the disposal of the Central Council of Family Assignments Estate does not continue to be occupied by its relatives in the grades provided for in Art. 3 °. In all cases where, in accordance with the preceding principles, the Council takes over the administration of a building, it shall tender its lease, giving preference to officials or former retired officials. It will be applicable in the cases referred to in this article, as provided by Art. 74 of the Organic Charter of the Mortgage Bank of Uruguay. The surplus that may result will be delivered to the borrower or his successors in the domain of the estate. If the farm to which this loan is intended is not occupied by the borrower or his/her family members determined in the final paragraph of Article 3, the interest of the operation shall be automatically raised to 12% (12%) per year as a subsidiary. This situation and the surplus that could result will be poured into the funds of the Central Council of Family Assignments.


Article 10.
Until the debt is reduced to fifty percent (50%) of its amount, the mortgaged farms in favor of the Central Council of Family Assignments may not be taxed or otherwise Expensive or free. As long as the buildings are not susceptible to disposal in accordance with the preceding paragraph, they may only be executed to satisfy the credit of the Central Council of Family Allowances or of national or municipal taxes or fees. In the execution of the Central Council of Family Assignments, we will proceed in accordance with the provisions of the Arts. 80 to 89 of the Organic Charter of the Mortgage Bank. In any case of disposal of the taxed estate, the credit of the Family Allowance Fund must be cancelled in the order corresponding to the price of the property.


Article 11.
Only the acquisition or construction of estates in condominium, the married borrowers to each other, and the discounts of wages or passivities shall be proportional to the parties that the owners have in the good, not involving such concurrency in the service of the quota, the divisibility of the mortgage. In the event that a condomino does not pay the fixed fee, the Central Council of Family Assignments may always execute the totality of the good and demand the return of all debt. The established limitation should be without prejudice to the provisions of law N ° 10.571of 25 June 1946 on property by flats or apartments.


Article 12.
The Council may grant an additional loan for the total amount of the valuation expenses, plans, taxes, and expenses for writing. This loan will be reintegrated into sixty monthly installments, equal and consecutive, whose amount will be outside the limitation imposed by Art. 4 ° of this law.


Article 13.
The dwellings that are acquired in accordance with this law shall be within the meaning of Article 7 (7), Inc. (B) of Law No. 11,921, of 24 March 1953.


Article 14.
In case of breach of this law, which has no other sanction provided for in it, the Central Council of Family Assignments may cancel the operation and require the full refund of the loan.


Article 15.
The mortgage-taxed properties as a guarantee of the loan granted for construction under this law will be exempt from the payment of the additional Real Estate Contribution tax. until 1972, inclusive.


Article 16.
Commune, etc.



Chamber of Sessions of the Chamber of Senators, in Montevideo, on October 24, 1962.




                       JOHN C. RAFFO FRAVEGA
                            President
                       José Pastor Salvanach
                            Secretary




    MINISTRY OF INDUSTRIES AND LABOUR
      MINISTRY OF FINANCE
       MINISTRY OF PUBLIC EDUCATION AND SOCIAL SECURITY

Montevideo, October 31, 1962.

Comply, acknowledge receipt, communicate, post and insert into the National Register of Laws and Decrees.