Ministry of Justice (FIN MoJ) issued a draft decree from FIN GVT amending the decree on the Title and Mortgage Register, seeking consultation feedback on the proposals.
Document dated Jun. 12, 2024, and was then received on Jun. 12 due to a fixed feed.
Follows, FIN MoJ Apr. 2024 proposed changes to real estate ownership law, #209159.
Consultation Overview
FIN GVT's motion before FIN PRL to amend land code, law on sales confirmations and the law on an apartment information system contained within new law HE 24/2024 vp.
It is proposed to add provisions to land code on the registration of a non-mortgaging commitment given by owner of a commercial property in Title and Mortgage Register.
Purpose of option to record a non-pledge commitment is to ensure third-party binding of commitments, customary in lending, and to take account in recording procedure.
Keeping the Title and Mortgage Register in an appropriate manner requires that the regulation issued on the Title and Mortgage Register provides for other rights and restrictions to be recorded in register, and non-pledge commitment of information.
Aim of Legislation
Proposal proposes to amend Decree on the Title and Mortgage Register (960/1996).
The decree would be issued on the basis of chapter 7, section 2, subsection 3 and chapter 21, section 1, subsection 1 of the current land charter legislation (540/1995).
Aim of proposal is to ensure the necessary information is recorded in the Title and Mortgage Register regarding initiation of application for non-mortgaging commitment.
In addition, goal is to ensure the necessary information regarding the non-mortgage commitment appears on any encumbrance certificate from Title and Mortgage Register.
In addition, the purpose of presentation is to ensure that the regulation of the decree on Title and Mortgage Register meets the requirements regarding any personal data.
Effectiveness
Ministry of Justice requested opinions on draft regulation, no later than Aug. 23, 2024.
Oct. 2024 Legislation Passed
On Oct. 18, 2024, FIN MoJ published FIN PRL's response to FIN GVT's proposal to amend the land code, the law on sales confirmations and the law on the apartment information systems into laws, as previously set out in its announcement in Jun. 2024.
FIN PRL confirmed agreement of the proposals and sent them to President of Republic.
President of Republic confirmed law on amending land code, the law on amending the law on trade confirmations and the law on amending § 10 of the law on apartment information system, and subsequently ordered laws to come in effect on Nov. 1, 2024
Regulators
FIN GVT; FIN MoJ
Entity Types
Bank; MG Orig; Servicer
Reference
PR 10/18/2024; CP VN/16761/2024, Bill HE 24/2024 vp, Decree 960/1996; Law 540/1995; PR 6/17/2024
