New 'Mortgage Bill' to Balance Interests of Bulgarian Consumers, Banks
The ruling majority will table in the Bulgarian Parliament by the end of October a Mortgage Bill which will eliminated monetary penalties when the mortgage is paid ahead of the contracted term.
The information was reported by the public radio.
The new legislation will align conditions for mortgages with those for consumer loans.
Representatives of the Bulgarian Socialist Party, BSP, and the predominantly ethnic Turkish Movement for Rights and Freedoms, DPS, have met with the Banks Association and participants from both sides have agreed to not discuss details in public before the Bill is finalized.
BSP Member of the Parliament, Rumen Gechev, is quoted in saying the goal is to balance the interests and the responsibilities of creditors and consumers.
He noted that everyone is now aware that this balance is tipping in the direction of interests of banks and lawmakers were obliged to reinstate it.
They will also seek consensus regarding default mortgages. The Bill will use practices from other European countries.
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