Regulatory Alerts2014-01-03
Registration of Immovable Property Regulations to a Mortgagor
The Governor of the Bank of Mongolia and the Chairman of the Financial Regulatory Commission issued Joint Resolution No. 278/83 to approve regulations governing the disclosure of information to mortgagors. The resolution mandates that mortgagees must provide specific loan terms, legal rights, and cost details to borrowers prior to signing collateralized loan contracts. It further prohibits lenders from charging mortgagors for information provision or forcing them to use specific notary or evaluation services.
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