Parlt Approves Natl Building Societies Act With Amendments Prompted By Áder
- 31 Mar 2016 9:00 AM
Parliament approved a National Building Societies (NOK) Act with amendments that were prompted by President János Áder’s decision last week to return the law. In its original form the law submitted by Antal Rogán, the prime minister’s cabinet chief, was approved two weeks ago.
Accordingly, members of home building societies would make regular contributions to the organisation while receiving government matched funds worth 30% of the contributions with a cap of 25,000 forints (EUR 80) a month.
After saving enough to make a 20% down payment, members would be selected through a bidding process based on the size of their contributions to receive an interest-free home loan. In the case of contributions of equal value, a lottery would be held to decide who receives the loan.
Last week Áder returned to lawmakers the original NOK Act stating that it contained unclear and contradictory provisions concerning the legal status, organisation and operation of the national building society and the organiser operating and managing its assets.
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