Government foreclosure bills have been moved to the House plenary, aiming to reshape debt-management rules and provide additional tools for mortgaged borrowers. Initial discussion took place in the Finance Committee with the participation of the finance minister and Central Bank representatives.
The core proposal is an upgraded debt-verification mechanism through the Financial Commissioner, now combined with the option of restructuring. Borrowers are also expected to gain faster procedural access.
The package further grants more time for repayment negotiations with banks or credit-acquiring entities, while expanding intervention powers in disputes over charges and potentially abusive clauses within a defined monetary threshold.
Under the draft approach, the Financial Commissioner’s decisions become binding, and insolvency advisers are incorporated into the process to support viable repayment arrangements.
The committee session was held behind closed doors, highlighting political divisions around the file, with AKEL objecting to that format.
