PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of June 22, 2016 No. 940

About some questions of mortgage lending in the Azerbaijan Republic

Being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, I decide:

1. It is cancelled.

2. It is cancelled.

3. Approve "Procedure for provision of mortgage, including soft mortgage loan at the expense of means Mortgage and credit guarantee fund of the Azerbaijan Republic.

4. For the purpose of provision of mortgage, including soft mortgage loan at the expense of means Mortgage and credit guarantee fund of the Azerbaijan Republic (further - Fund) to create the "Electronic Mortgage and Credit Guarantee" system on the Elektronnoye Pravitelstvo portal and to apply it since January 1, 2017.

5. It is cancelled.

6. It is cancelled.

7. It is cancelled.

8. Charge to the Ministry of Internal Affairs, the Ministry of Justice, the Ministry of Economics, the Ministry of Labour and Social Protection of the population of the Azerbaijan Republic, to charge and recommend to the Central bank of the Azerbaijan Republic, to render Fund assistance in the organization of activities of the "Electronic Mortgage and Credit Guarantee" system.

9. To the Cabinet of Ministers of the Azerbaijan Republic:

9.1. to prepare and provide to two-month time to the President of the Azerbaijan Republic the project of provision of the "Electronic Mortgage and Credit Guarantee" system;

9.2. in a month to prepare and provide to the President of the Azerbaijan Republic the offers connected with registration of the mortgage security and the organization of its address in electronic procedure;

9.3. to prepare and provide to two-month time to the President of the Azerbaijan Republic the offers connected with reduction of acts of the President of the Azerbaijan Republic in compliance with this Decree;

9.4. it is cancelled;

9.5. according to subitem 3.1.10 "Procedure for provision of mortgage, including soft mortgage loan at the expense of means Mortgage and credit guarantee fund of the Azerbaijan Republic to establish procedure of payments of monthly comprehensive incomes of the borrower (borrowers) in a month;

9.6. No. 2144 is excluded according to the Presidential decree of the Azerbaijan Republic of 19.05.2023

9.7. in two-month time to provide reduction of regulatory legal acts of the Cabinet of Ministers of the Azerbaijan Republic in compliance with this Decree and to inform the President of the Azerbaijan Republic;

9.8. check reduction of regulatory legal acts of the central executive bodies in compliance with this Decree and in five-months time to inform the President of the Azerbaijan Republic on execution;

9.9. resolve other issues following from this Decree.

10. To provide to the Ministry of Justice of the Azerbaijan Republic reduction of regulatory legal acts of the central executive bodies and acts of normative nature in compliance with this Decree and to inform the Cabinet of Ministers of the Azerbaijan Republic.

11. In the Presidential decree of the Azerbaijan Republic "About creation of Azerbaijani Mortgage Fund Open joint stock company of October 27, 2015 No. 661 (Collection of the legislation of the Azerbaijan Republic, 2015, No. 10, Article 1133) to make the following changes:

11.1. state Item 3.5 in the following edition:

"3.5. the funds raised by Society to mortgage lending go for acquisition of the repaired living space which price for 1 square meter does not exceed its average market value in the city of Baku, and also zones on its settlements and villages, in the territories of other cities and regions of the country for date of provision of mortgage loan;";

11.2. exclude Items 4.5 and 4.6.

12. To fund in two-month time to establish all internal acts necessary for mortgage lending and to inform the President of the Azerbaijan Republic.

13. Cancel the Presidential decree of the Azerbaijan Republic "About creation of system of mortgage loans in the Azerbaijan Republic" of September 16, 2005 No. 299 (Collection of the legislation of the Azerbaijan Republic, 2005, No. 9, Article 805, No. 10, Article 910; 2007, No. 6, Article 606; 2009, No. 3, Article 163; 2010, No. 7, Article 610), the Presidential decree of the Azerbaijan Republic "About approval of the Regulations on the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic" of December 22, 2005 No. 339 (Collection of the legislation of the Azerbaijan Republic, 2005, No. 12, Article 1108; 2007, No. 1, Article 8; 2014, No. 12, Article 1583) and the Presidential decree of the Azerbaijan Republic "About enhancement of procedure for granting of mortgage loans in the Azerbaijan Republic" of January 23, 2007 No. 515 (Collection of the legislation of the Azerbaijan Republic, 2007, No. 1, Article 8, No. 5, Article 457, No. 6, Article 608; 2010, No. 2, Article 80; 2012, No. 9, Article 859; 2013, No. 2, Article 105).

Approved by the Presidential decree of the Azerbaijan Republic of June 22, 2016, No. 940

Appendix No. 1

Charter of Mortgage Fund of Azerbaijan Open joint stock company

It is cancelled

Approved by the Presidential decree of the Azerbaijan Republic of June 22, 2016, No. 940

Appendix 2

Procedure for provision of mortgage loan, including soft mortgage loan, at the expense of means Mortgage and credit guarantee fund of the Azerbaijan Republic

1. General provision

This Procedure establishes requirements for provision of mortgage loan, including soft mortgage loan (further - mortgage loan), at the expense of means Mortgage and credit guarantee fund of the Azerbaijan Republic (further - Fund), procedure of provision of mortgage lending, acquisition of rights and deprivation of the rights for mortgage loan, and also the restructuring of mortgage loan and other questions connected with mortgage lending.

2. Basic concepts

2.0. The basic concepts used in this Procedure have the following values:

2.0.1. mortgage loan - the debt provided by authorized bank for acquisition of living space and provided with mortgage of this living space;

2.0.2. authorized bank - the bank which signed with Fund the relevant agreement on acquisition of rights of the requirement for mortgage loan and regulation of other relations arising with respect thereto;

2.0.3. the major agreement - the agreement signed between Fund and authorized bank, regulating rules of acquisition of rights of the requirement for mortgage loan and the relations arising with respect thereto;

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