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According to the explanatory memorandum, the purpose of the proposal is, the payment moratorium must be maintained, creditors must receive a temporary deferral of payment until June 30, 2021, writes the telegraph office.
It applies to them
Of the companies, only those that qualify as a moratorium under the Government Decree on the definition of a company in financial distress are subject to the loan repayment moratorium. Therefore, the bill empowers the government to determine the indicator of a company in financial distress.
- Contracts that already existed on March 18, 2020 may remain subject to the moratorium, and those that do not renew them will be subject to a loan cancellation ban until the middle of next year.
- The debtor is entitled to use the moratorium at any time during the payment moratorium period, that is, until June 30, 2021. The law also allows the debtor to comply with the original contractual terms.
- The extension of the moratorium also covers loans and loans for students from financial institutions domiciled and with branches in Hungary, as well as financial leasing in addition to loans and cash loans.
The ancillary obligations that secure the contract, including the guarantee contract and the guarantor’s declaration, will be modified in accordance with the payment moratorium so that their duration and execution period will be extended for the duration of the payment moratorium.
For standby baby loans, the state guarantee guarantee fee is waived for the period of the payment forbearance. Recourse to the payment moratorium alone does not entail any cost for the debtor. A contract affected by a payment moratorium does not need to be notarized.
According to the proposal, it is justified to establish a payment deferral in accordance with the rules of the payment moratorium in terms of the obligation of payment in installments or payment in installments of the installer or participant lessee of the National Asset Management Program, which belongs to a special social group. It is a guarantee rule that the property fiduciary cannot exercise the right of cancellation until June 30, 2021 due to non-payment of rent.
The scope of the new payment moratorium will be extended to debtors involved in private bankruptcy proceedings that belong to a special social group.
In equal annual installments
Interest accrued during the payment moratorium, together with the installments owed for the remaining term, will be paid in equal annual installments during the period following the expiration of the payment moratorium. Once the payment moratorium has expired, the term will be extended so that the sum of the installment owed and the interest payable in installments accrued during the moratorium does not exceed the amount of the original contract installments. The rules on interest must also apply correctly to rates; read on Parliament’s website.
(Cover Image: Zsolt Semjén, Deputy Prime Minister in the plenary session of Parliament
MTI / Tamás Kovács)
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