Regulatory Alerts1999-12-25
Law of August 28, 1984 Establishing and Regulating Savings and Housing Banks
The Haitian Legislative Chamber enacted this law to establish Savings and Housing Banks (BEL) as specialized institutions dedicated to mobilizing national savings for medium and long-term mortgage loans to promote homeownership and improve housing conditions. The legislation defines BELs as mandatory anonymous companies with a minimum capital of 2.5 million gourdes, subject to strict operational ratios requiring at least 70% of their credit portfolio to be allocated to mortgage lending. To stimulate the sector, the law grants BELs and their clients significant tax exemptions, reduced registration fees, and preferential reserve requirements, while establishing summary legal procedures to expedite debt recovery.
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