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Law 20/2015 on management, supervision and solvency of insurance companies has modified Additional Provision I of the Construction Law and repealed Law 57/68 on receipt of quantities in the cited construction sales.
The new regulation develops and completes the former, based on the following fundamental pillars:
- The developer is required to:
o Ensure the return of the quantities delivered to the sales account in construction through a security deposit or surety contract. This includes the principal, taxes and the legal interest on the money.
o These quantities must enter a special account for the purpose of construction. Banking institutions will require a guarantee or security deposit for this account. These amounts can only be used for construction.
- It establishes the requirements for the bank guarantee and security deposit. These include validity and requirements to request payment (upon request to the developer 30 days in advance). The developer cannot sell the house if the insurance company has paid and the developer has not been compensated.
- Contractual information: obligation to certify compliance with the obligation to refund amounts, insurance or guarantee and the special account.
- Publication: the existence of the guarantee and special account will be published, mentioning the insurance and banking entities.
- Penalty system: this refers to consumers’ and users’ regulations of the autonomous communities, but establishes a penalty of 25% of the uninsured amounts.
- Entry into force: January 1, 2016; starting July 1, 2016, insurance companies must adapt contracts that were in effect at the time the new regulation took effect.