The Parliament adopted the law on mortgage in first reading on May 15. The document is intended to eliminate the incertitude on the mortgage market by creating a safe legislative framework.

Minister of Economy and Trade Igor Dodon said that the lack of special regulations concerning mortgage affects the development of the mortgage market in constructions and the contradictions between the existent laws create confusion among the market participants.

Dodon said that the commercial creditors resort to risky methods and procedures to avoid the existent lacunas, especially those regarding the lending for buying houses under construction. The new law aims to eliminate these lacunas.

The bill regulates the legal relations that appear while making, carrying out and terminating the mortgage, the mortgage rights and the rights of the participants in the legal mortgage relations.// Reporter.MD


Publication date: 16 May 2008   

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