Regulatory Alerts1995-04-24
Added · Updated
Ministerial Order Approving Regulation No. 10 of the Office of Insurance Control Regarding Loyalty Rewards Granted by a Mortgage Company
The Minister of Economic Affairs approves Regulation No. 10 of the Office of Insurance Control, which defines loyalty rewards granted by mortgage companies and establishes rules for their modification or termination. The regulation prohibits linking the revision or removal of such rewards to borrower payment defaults or the creditor's economic situation, and mandates automatic compensation of due rewards against arrears in credit contracts. These provisions apply to mortgage companies under Article 37 of the Mortgage Credit Law of August 4, 1992, and enter into force upon publication in the Belgian Official Journal.