Immovable Property (Amendment) Regulations, 2018

L.N. 86 of 2018

CONSUMER AFFAIRS ACT

(CAP. 378)

Credit Agreements for Consumers relating to Residential

Immovable Property (Amendment) Regulations, 2018

IN EXERCISE of the powers conferred by article 7 of the

Consumer Affairs Act, the Minister for Justice, Culture and Local

Government, in consultation with the Consumer Affairs Council, and

acting on the advice of the Malta Financial Services Authority, has

made the following regulations:-

The title of these regulations is the Credit Agreements for Title.

Consumers relating to Residential Immovable Property (Amendment)

Regulations, 2018, and these regulations shall be read and construed

as one with the Credit Agreements for Consumers relating to S.L. 378.10.

Residential immovable Property Regulations hereinafter referred to

as "the principal regulations".

In regulation 2 of the principal regulations, immediately Amends

after the definition "borrowing rate" thereof, there shall be added the regulation

the principal

following new definition

regulations.

" "Bridging loan" means a credit agreement either of no

fixed duration or which is due to be repaid within twelve

months, used by the consumer as a temporary financing solution

while transitioning to another financial arrangement for the

immovable property.".

Regulation 25A of the principal regulations shall be Amends

regulation 25A

amended as follows

of the principal

regulations.

(a) sub-regulation (1) thereof shall be substituted by the

following

(1) The provisions of these regulations

as amended by means of the Home Loan

"L.N. 259 of

(Amendment) Regulations shall not apply to

2016. credit agreements existing before the coming

into force of the said regulations."; and

(b) in sub-regulation (3) thereof for the words "the national

law transposing regulation 9", there shall be substituted the words

"sub-regulations (1) to (9) of regulation 6".

€0.18