Bill 680.

Summary.

The bill would create the Progressive Access to New Housing Regime to facilitate home ownership and encourage occupancy of completed units that remain unsold. It would cover real estate developers, general-license banks, authorized savings and credit cooperatives, other financial institutions, trusts, securitization vehicles, and buyers. Its guiding principles include freedom of contract, transparency, contractual good faith, consumer and family property protection, free competition, and financial stability. An eligible new home must have an occupancy permit and remain unsold for twelve (12) months. The bill also defines direct financing, an eligible housing portfolio, an acquiring institution, and the good-payer certificate.

Developers could voluntarily enroll homes in approved residential projects and retain benefits under special legislation on preferential interest rates when its requirements are met. Developers offering direct financing would first have to register in a Special Registry administered by the Ministry of Housing and Land Management (Ministerio de Vivienda y Ordenamiento Territorial). Registration would require proof of legal status, financial statements when required by law, credit and risk management manuals, applicable anti-money-laundering policies, and regulatory requirements. Registration would confer no authority to conduct banking business. Financing contracts would be governed by the Civil Code (Código Civil) and applicable consumer protection rules and rules against money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction. They would specify the sale price, down payment, financed balance, interest, amortization, total credit cost, fees, insurance, refinancing, assignment, default, and buyer rights. Clauses allowing detrimental unilateral changes would be void; security over property would require the legally prescribed formalities and registration. Developers would disclose essential terms before contracting and maintain credit risk and buyer due diligence procedures under regulations issued by the Executive Branch (Órgano Ejecutivo) and competent authorities.

After twenty-four (24) months of continuous compliance, a buyer could request the National Housing Good Payer Certificate free of charge. The developer would issue it within fifteen (15) business days. Direct financing obligations could be discharged through means recognized by civil and financial law. Contracts could be assigned, sold, transferred, or contributed to trusts without the buyer’s consent if the agreed terms remain unchanged. The assignor would notify the buyer within fifteen (15) business days and provide an updated account statement, the new creditor’s identity, the effective date, and official payment channels. Assignment would preserve existing security, acquired rights, and the previously established payment record.

For a portfolio to qualify for acquisition, the bill sets minimum conditions of twenty-four (24) consecutive months of payments, no delinquency exceeding thirty (30) days during the preceding twelve (12) months, continued occupancy where applicable, and performance of essential contractual duties. Acquisition would be voluntary and subject to each institution’s credit and prudential criteria; it would not automatically approve refinancing. Authorized institutions could convert or replace direct financing with a traditional mortgage loan after assessing the buyer. They could consider the certificate without it creating a right to loan approval. Only institutions legally authorized for these transactions could acquire the loans. The portfolio could also be placed in trusts or used as an underlying asset in securitizations governed by applicable civil, trust, banking, and securities-market rules.

The bill would create the certificate as a record of contract duration, payments, compliance, outstanding balance, and issue date. Its format would support authenticity, traceability, and verification while protecting personal and credit data. Regulations would address interoperability and administrative consequences for issuing false or inaccurate information. Acquiring institutions would remain subject to prudential rules, and existing supervisory powers would remain in place. The Executive Branch, through the Ministry of Housing and Land Management and in coordination with the Superintendency of Banks (Superintendencia de Bancos) and the Superintendency of the Securities Market (Superintendencia del Mercado de Valores), would adapt regulations and procedures within six (6) months after promulgation. The proposed law would take effect the day after promulgation. Its provisions could concern homebuyers, real estate developers, banks, cooperatives, financial institutions, and securities-market participants.