Board of Directors Secretariat

Decision No. (130) of 2014 of the Board of Directors of the Authority

Dated 25/8/2014

Regarding the Data to be Notified by Real Estate Financing Companies to Their Clients

The Board of Directors of the General Authority for Financial Supervision,

Having reviewed the Law on Joint Stock Companies, Companies with Limited Partnerships and Names, and Limited Liability Companies issued by Law No. (159) of 1981 and its executive regulations; And the Real Estate Financing Law issued by Law No. (148) of 2001 and its executive regulations; And Law No. (10) of 2009 regarding the regulation of supervision over non-banking financial markets and instruments; And Presidential Decree No. (192) of 2009 issuing the Basic Statute of the General Authority for Financial Supervision; And the approval of the Board of Directors of the Authority in its meeting No. (16) held on 25/8/2014;

Has Decided

(Article One)

Real estate financing companies are obligated to notify their clients of the following data at least every six months, as a minimum, in accordance with the provision of Article 40 of Law No. 148 of 2001 on Real Estate Financing:

1. The total financing value according to the financing agreement.
2. The total amount of installments paid to date.
3. The total remaining installments according to the prevailing financing cost at the time of preparing the notification, as agreed upon in the financing agreement.
4. Any fees, costs, or expenses deducted from their account or added to the financing costs.

They are also obligated, upon any modification to these data, to notify their clients of the modification no later than fifteen days from the date of the modification.

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(Article Two)

Real estate financing companies are obligated to notify their clients of the data referred to in the preceding Article via registered mail with proof of delivery or express mail, unless the investor has agreed in writing to be notified by another method (email or any other means that ensures the investor's awareness of the data subject to notification), and the company must retain proof of completion of the client's notification of these data.

(Article Three)

This Decision shall be published on the Authority's website and shall take effect from the day following its issuance date.

Chairman of the Board of Directors
Sherif Samy

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