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Duties of Mortgage Lenders to be Legislated for

Published: October 23, 2013 | 3:09 pm
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The duties of the mortgage lenders will be legislated for. A special task group at the Justice Ministry has just finished working on the issue. The Justice Minister has told TV3 that the legislation was finalised following consultations with the government’s economic team and the National Bank, and will be passed on to the government for a review in the near future.
The Chairman of the Association of Georgian Banks Zurab Gvasalia has stated that it was necessary to create a legal framework for the issue, since private mortgage-lenders were often conducting their business illegally, without registration, thereby having a negative effect on the local market.
According to the Ministry of Justice, details of the new legislation will be published in the near future.

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