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Land and Conveyancing Law Reform (Amendment) Bill 2013: Second Stage

Vote from 15/04/2014

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Bill introduced by Pearse Doherty TD seeks to amend the Land Conveyancing and Reform Act 2013 to afford greater protection to mortgagors where faced with an order of possession by placing additional obligations on the mortgagee.

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Background information

Pearse Doherty said -

The Land and Conveyancing Reform (Amendment) Bill 2013 will:

  • Level the playing field between banks and homeowners by making the repossession of the Family Home a less attractive option for banks
  • Increase to six months from two the length of time the court can adjourn a case to allow for the Personal Insolvency process take place.
  • Empower a judge to force parties to engage in an insolvency process and to force the banks to cover the costs
  • Make it compulsory for Courts to consider if the lender has complied with the Code of Conduct on Mortgage Arrears which will be put on a clear legal basis for the first time
  • Empower the Courts to perform a “reasonableness test” on whether the banks have really exhausted all other possible options including whether they declined any proposal from a Personal Insolvency Practitioner and complied with the Code of Conduct on Mortgage Arrears

Before any repossession is ordered the Court must be satisfied that an arrangement is in force to deal with the residual debt

  • In the event of repossession a family must be given a six month period to arrange their affairs or nine months if they have children
  • Make the vulture funds who have taken over some loan books have to comply by the Code of Conduct on Mortgage Arrears if they are seeking repossession

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