Regulatory Alerts2013-05-06
Added
Arrears and Warning Before Initiating Proceedings
This directive amends the 'Guidelines for the Provision of Housing Loans' (Directive 451-1) by replacing the term 'realization' with 'implementation' in the title of Section 13. It mandates that notices regarding payment arrears must include specific information about the Special Committee for Assistance, including its purpose, composition, the borrower's right to apply, and relevant deadlines under the Housing Loans Law. Additionally, banks are required to inform borrowers of their intention to initiate proceedings for debt collection and to take appropriate measures to verify requests for debt restructuring, ensuring transparency and compliance with credit data service regulations.
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