They gnaw on time in connection with the Courts bill which creates special jurisdiction at the district court level, with six additional judges adjudicating financial disputes between a borrower and a bank that will include cases of abusive clauses and overdrafts, as well as overdrafts.
The parties have asked for time until March 3rd to further consult and table amendments that will further shield borrowers. AKEL has serious reservations about the bill, which considers that the special jurisdiction will not solve the problems with the sales, so it is preparing amendments. DIKO also identifies gaps in the bill, which is also working on a series of changes.
In addition, EDEK and Solidarity prepared amendments by which the sale process will be suspended ex officio, during the 60-day pending trial. The meaning of the term “borrower” is also expanded so that it is not limited to vulnerable persons. At the same time, the judge is given the necessary power to hear and decide on disputes by issuing specific orders based on the Law, including the possibility of ordering presentation before the agreed debt repayment or settlement plan or restructuring the debt on the basis of the truth.
SEE ALSO:
Postponement again for the sale court Express lawsuits for sale – Special courts The guarantors out of the sale arrangement
It is recalled that this bill was a prerequisite for EDEK and Solidarity, to give their positive vote to the state budget of 2021. Meanwhile, in a new letter the Association of Banks proposes to reduce to 30 days the period within which the lender will be able to register his objection, instead of 60 days, as provided by the bill. At the same time, it asks to clarify to which of the provisions of the bill the definition of the borrower who falls into the vulnerable groups applies.
He also notes that it is important to regulate the case where in the same lawsuit (with more than one party) only one party falls into the vulnerable groups. According to the Association of Banks, the appropriate regulation should be made in the bill so that the specific lawsuits are tried in the special court in order to avoid parallel procedures for the same credit facility. In addition, banks are proposing legislative changes so that the law covers any disputes arising from a credit facility and / or its related guarantees and / or collateral.
