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Published Partial Amendment of the Law on Housing Services and Habitat

Published Partial Amendment of the Law on Housing Services and Habitat
 
By Decree No. 9048 dated on June 15th, 2012, was published in the Official Gazette No. 39,945, Decree with Rank, Value and Force of Law on Housing Services and Habitat ("LRPVH").

This Decree indicates that, the Ministry with competence over Housing and Habitat will be able to regulate the mechanisms and parameters in segments, sections and periods of annual, biannual, quarterly or monthly form in order that the Institutions of the Bank Sector give fulfillment to the Mortgage Obligatory Portfolio.

It indicates that, in the modalities of loan, the National Bank of Housing and Habitat ("BANAVIH") will be able to constitute guarantee of another type, bearing in mind the type of application, the amount of the financing and the socioeconomic conditions of the applicant or applicants.

There are modified articles referring to the sanctions to the employers, among those we can indicate the followings:
 
- The public or private legal person that does not affiliate to the Obligatory Savings fund for the Housing (the "FAOV") in the period established in the sublegal regulations, will be fined a hundred tax units (100 UT) and the public admonition of the company.

- When the representative´s of the company refuses to receive notification of the beginning of the procedures applied by the BANAVIH, shall be punished with the closure of the establishment for a period of one (1) day and a public admonition.

- The breach of the duty to provide the documents necessary for the accomplishment of the procedures of collection and inspection established in the LRPVH, will be punished by the public admonition and the closing of the establishment of the company does not record the documentation requested by the officer in charge. The closing of the establishment will not be able to exceed of three (3) months.

- The sanction in case of breach of the obligation to pay the contributions to the FAOV with a fine of ten tax units (10 U.T.) for contribution not informed in the cases of the obligatory saver, and of a tax unit (1 U.T.) in the cases of the voluntary saver.

- Common penalties are reduced as follows in the event of failure in the supply or falsity of the information in the terms established in the LRPVH reduces the penalty to a fine of two hundred tax units (200 U.T.) in the case of legal persons; just as in cases of contempt sanction is reduced to a five hundred tax units (500 U.T.) in the case of legal persons.
 
It includes a new chapter in Title IX (From Control and Penalty system), to be called Chapter IV (The Executive Judgement Debt Collection Funds of the National Housing and Habitat).

In the same one distinguishes that the administrative contractual acts comprising acts of liquid and payable obligations in favor of the FAOV, they will constitute an executive title and his its judicial collection will cause seizure of goods, following the procedure foreseen in the LRPVH.

The request of execution of the debt will be brought before the Courts, and in the lawsuit, the representative of the BANAVIH will request, the executive seizure of goods property of the debtor who does not exceed the double of the amount of the execution. If the seizure is realized on money, will be limited to the amount of the claim plus the estimate of income and expenses.