A proposal for a law aimed at protecting the residence of an applicant in the “Rent Against Payment” plan from expropriation is being discussed on Monday in the Parliamentary Finance Committee, with a commitment to be brought to the Plenary for a vote next Thursday.
The proposed law by AKEL MPs Aristos Damianos, Andreas Kavkalias, Christos Christofidis and Andreas Pasiourtidis seems to gather the necessary majority, having the agreement of other parties as well.
It had been submitted for a vote through the urgent procedure at the Plenary last Thursday, however the President of the Finance Committee, Christiana Erotokritou, asked to go to the Finance Committee first so that the wording could be formulated as best as possible, to be sure that those who fall under the Rent to Installment Scheme will not face foreclosure before being approved for the Scheme. At the same time, he said that the DIKO expresses it to protect the people who fall under this plan.
The purpose of the proposed law is to amend the “Transfer and Mortgage of Real Estate Law” so that the submission of an application to the “Rent for Installment” plan is an additional reason for filing an appeal by a mortgage debtor as well as by any interested party in the provincial court for setting aside the intended sale of mortgaged property within 45 days from the date of receipt of the notice.
With the proposal, it is considered that the protection of the main residence of the mortgage debtors who submit an application for inclusion in the project in question is achieved until the examination of the said application is completed.
The Parliamentary Representative of AKEL Giorgos Loukaidis had stated in the Plenary last Thursday that the proposed law comes to correct an omission in the “Rent Against Payment” plan, compared to the “Estia” plan, since provision was not included to be able to appeal to the court every applicant, whose application is being examined so that the process of selling his residence does not proceed. He mentioned that there are already specific examples before them and that the Minister of Finance fully agrees with the philosophy of the amendment.
However, he accepted that the proposal should go to the Committee since, as he said, there is fear of possible abuse, with the commitment to bring the proposal to the Plenary next Thursday.
His support for the philosophy of the proposal was expressed both by the President of EDEK Marinos Sizopoulos, who asked for caution to avoid mistakes, and by DISY MP Haris Georgiadis, who asked that the Central Bank be called as well.
The MP of the Environmentalist Movement – Citizens' Cooperation Stavros Papadouris said that with his amendment he will request that not only the application to the Plan but also the submission of an objection be taken into account for the purpose of avoiding divestment.
Representatives of the Ministry of Finance, the Legal Service of the Republic, the Chairman of the Board of Directors of the Unified Body for the Out-of-Court Resolution of Financial Disputes, the Assistant Financial Commissioner were invited to the Committee to discuss the matter , representatives of the Central Bank of Cyprus, the Cyprus Asset Management Company Ltd (KEDIPES), the Cyprus Banks Association and the Association of Credit Acquisition Companies and Credit Facility Managers.