Regulatory Alerts2012-03-22
Supervisor of Banks: Project Finance Payment Coupons
The Supervisor of Banks mandates that banking corporations issuing project finance for apartment construction must provide payment coupon booklets for every unit sold. These coupons must contain specific identification details and explicit text informing purchasers of their right to obtain a bank guarantee or collateral within 14 business days of payment. The directive further requires the inclusion of contractor obligations regarding coupon distribution and information verification within the project finance agreement to ensure compliance with the Law of Sale (Apartments).
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