Significant changes in favor of borrowers and consumers are implemented with the passing of the bill for servicers, as the penalties for credit companies are tightened, while changes are also implemented in the Real Estate Acquisition and Leasing Agency, so that it will start operating as of next year.
More specifically:
Obligations of transparency
1. New strict transparency obligations are established to better inform borrowers.
Out-of-court mechanism
2. The out-of-court mechanism is improved and special measures are established for the protection of the vulnerable.
Non-banking entities
3. Competition is strengthened by granting loans from non-banking entities.
Electronic transactions
4. The transactions implemented through the direct payment system (IRIS) are expanded.
Real Estate Agency
5. The framework for the Real Estate Acquisition and Leasing Agency is improved.
Bankruptcy Code
6. Bankruptcy Code procedures are simplified and accelerated.
