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GREEK LEGISLATION ON NON-PERFORMING LOANS

By 03/04/2020 No Comments

 

LAW 4354/2015 AS AMENDED BY LAWS 4389/2016 AND 4393/20

Preamble

The entrepreneurial boom which occurs in Greece the last years is highly associated with the endeavors of Greek Banks to restore their balance sheets via the sale of claims deriving from Non-Performing Loans (NPLs). The above practice generates great business opportunities for investors who obtain the appropriate funds for the acquisition of the aforementioned claims.

According to Greek Law 4354/2015 «Servicing of non-performing loans, wage settlements and other urgent provisions implementing the agreement on fiscal targets and structural reforms» (Government Gazette, vol. Α’ 176/16.12.2015), as amended by the L. 4393/2016, Credit Institutions and Financial Institutions are entitled to sale NPLs, either separately or as packages, to third entities.  Τhe sale and transfer of claims agreement from loans and credit agreements, which have been granted by credit or financial institutions, is subject to written form and its object can be individual claims or groups of claims against any borrower. 

 

LAW 4354/2015

(AS AMENDED BY LAWS 4389/2016 AND 4393/2016)

 

Article 1.

 Debt Management Companies for Loans and Credit (DMCLC) and Debt Acquisition Companies for Loans and Credit (DACLC)

  1. a. The management of loans and credit claims which are granted or have been granted by credit or financial institutions, apart from those mentioned in article 2 para. 5(d) of l. 4261/2014 (A’ 107), is assigned exclusively to:
  2. aa) without prejudice to para. 20, sociétés anonymes for Debt Management for Loans and Credit of a special and exclusive purpose, seated in Greece, and
  3. bb) without prejudice to the provisions of 2013/36 (EEL 176/338/27.06.2013), as well as Directive 2004/39 (EEL 145/2004) and point (d) of this paragraph, companies seated in a Member State of the European Economic Area (EEA) on the condition that they are legally established in Greece through a branch for the purpose of managing loans and credit claims. The above companies receive a special license from the Bank of Greece which is published in the State Gazette and are supervised for conformity to the provisions of this law by the Bank of Greece. These companies are registered in special Registries of the General Electronic Commercial Registry (GECR) and are governed by the provisions of the present law and additionally by the provisions of Codified Law (CL) 2190/1920 (A’ 37) for sociétés anonymes.
  4. b) The transfer of credit and loans claims which have been granted or are granted by credit or financial institutions, excluding article 2 para. 5(d) of l. 4261/2014 (A’ 107), may take place only by reason of sale by virtue of a relevant written agreement, according also to what is provided in article 3 and exclusively, only, to:
  5. aa) Sociétés anonymes which according to their bylaws may proceed to the acquisition of loans and credit claims, are seated in Greece, and are registered in the General Electronic Commercial Registry (GECR).
  6. bb) Without prejudice to the provisions of the European Union legislation, companies seated in the European Economic Area (EEA) which according to their bylaws may proceed to the acquisition of loans and credit claims, and
  7. cc) without prejudice to the provisions of Union harmonisation legislation, companies seated in third countries, which according to their bylaws may proceed to the acquisition of loans and credit claims, that have the discretionary power to be established in Greece through a branch office, on the condition that:

cca) their seat is not in a State which has a preferential tax regime, as this is specified in the regulatory acts issued from time to time according to the provisions of paragraphs 6 and 7 of article 65 of l. 4172/2013 (A’167) and

ccb) their seat is not located in a non-cooperative State, as this is specified in the regulatory acts issued from time to time according to the provisions of para. 3 of article 65 of l. 4172/2013.

  1. c) The sale of the above claims is valid only so long as a management assignment agreement has been executed between a debt acquisition company from loans and credit and a debt management company licensed and supervised under the present law by the Bank of Greece. This condition must also be fulfilled in any further transfer. The rights emanating from the claims transferred by reason of sale may only be exercised through the management companies of this paragraph. The transferring loans and credit claims are also considered banking [NB: claims] even after their transfer. The management companies are liable for all obligations against the State and third parties which burden the debt acquiring companies and emanate from the transferring claims.
  2. d) The provisions of the present law do not affect the application of laws 3156/2003 (A’ 157), l. 1905/1990 (A’ 147), 1665/1986 (A’ 194), 3606/2007 (A’ 195) and 4261/2014 (A’107).
  3. The application for the granting of a license for the companies of para. 1(a) of this article must be accompanied by the following documents:
  4. a) the company’s bylaws with all the amendments;
  5. b) the identity of legal or natural persons holding directly or indirectly -i.e. by exercising control, as this is defined in article 3 para. 1(34) of l. 4261/2014 through intermediate legal persons- a percentage or voting rights equal or exceeding 10% in the share capital of the company;
  6. c) the identity of legal and natural persons who, even when they do not fall within the previous subparagraph, they exercise control over the company by virtue of a written or other agreement or by common acts in the meaning of article 23 para. 5 of l. 4261/2014; d) the identity of the members of the board of directors or the managers;
  7. e) questionnaires completed by the persons of points (b), (c) and (d) for the evaluation of the capability and suitability criteria, as these are determined by a decision issued by the Bank of Greece; f) the organizational structure and documented internal procedures of the company; g) the business plan of the company;
  8. h) a thorough report recording in detail the basic principles and methods which will ensure the successful restructuring of loans. The report must present debt restructuring methods alternative to forced execution in the context of the Code of Conduct (B’ 2289/2014) and in accordance with article 28 of Directive 2014/17 (EEL 60/2014), articles 10 and 74 of Directive 2013/36 (EEL 176/338/ 27.06.2013), articles 10 and 66 of l. 4261/2014 (A’ 107) and the Act of the Executive Committee of the Bank of Greece, 42/30.5.2014 (B’ 1582), as in force from time to time, especially Chapter III, taking into consideration the special features which may classify the borrowers who are natural persons as socially vulnerable groups, in accordance with article 1 para. 2 of the Code of Conduct (B’ 2289/2014) as in force from time to time. i) any additional information or details that the Bank of Greece considers important for the evaluation of the application.
  9. The shares of the sociétés anonymes of paragraph 1(a) of the present article are registered.
  10. The Bank of Greece grants the license of paragraph 1 of this article within the exclusive deadline of two (2) months as of the next day of the filing of the relevant application or, in case the application is incomplete, within two (2) months as of the filing of the additional information, details or documents required. This is preceded by the mere opinion of a three-member Committee, whose composition, establishment and other details for its operation are determined by a Common Ministerial Decision of the Ministers of Economy, Development and Tourism, and Finances. The Bank of Greece forwards immediately the application file to the Committee, together with a brief note, which forwards its opinion within ten (10) working days as of the next day of the filing of the relevant application with a complete file. If the deadline of the previous passage expires, the Bank of Greece issues its decision within the deadline of the first passage and without the opinion of the Committee. The minutes of the three-member Committee meetings are confidential and the meetings of the Committee are secret.
  11. The Bank of Greece grants a license if it finds that:
  12. the company is in a position to fully comply with the provisions of the present law;
  13. the persons of para. 2 (b)(c) and (d) of the present article have a good reputation, sufficient knowledge, skills and experience to exercise their responsibility and to satisfy the criteria for their capability and suitability, as these are determined by the relevant decision of the Bank of Greece;
  14. The company has an organizational structure and internal procedures that allow it to provide services pursuant to the provisions of the present law;
  15. The business plan of operations and objectives of the company sets out in details its scheduled actions, its strategy and its available resources;
  16. There are no professional or family relations between the persons of para. 2 (b)(c) and (d) and any other persons holding high political offices or high administrative positions in the supervising authority, so as to obstruct the effective conduct of supervision.
  17. If the Bank of Greece ascertains that the company does not meet the criteria determined in this article, it refuses with reason the granting of the required license according to the provisions of the present law and informs accordingly the applicant company.
  18. The Bank of Greece has in its official website a fully updated list with all companies licensed pursuant to the provisions of the present law.
  19. In the event that a natural or legal person: a. intends to acquire or dispose directly or indirectly a qualifying holding to a debt management company, or b. intends to increase or decrease directly or indirectly its qualifying holding, as this is defined in article 3 para. 1(33) of the l. 4261/2014, in a debt management company so that the ratio of voting rights or the capital that it holds, directly or indirectly, reaches or exceeds or is reduced below ten percent (10%), twenty percent (20%) or thirty percent (30%) or fifty percent (50%) of the company’s share capital or in order for the company to become or to cease being its subsidiary, [NB: then it] is obliged notify to the Bank of Greece the amount of the holding that will result from that alteration. The Bank of Greece, within two (2) months as of the date of the notification of the intention of acquisition of the previous passage or increase of the qualifying holding, may not permit the said acquisition, if, in light of the need to secure the proper and prudent administration of the company, considers with reason that any of the persons of the previous passage are unsuitable, while in case it permits the said acquisition, it may set a deadline and/or terms for its implementation.
  20. If the Bank of Greece finds with reason that the establishment of the company or the acquisition of a holding in it, conceals or aims at money laundering from criminal activities, then: a) it refuses the granting of the license of the present law, or b) does not allow the acquisition or increase of the qualifying holding pursuant to paragraph 8.
  21. The provisions of CL 2190/1920 (A’ 28) apply mutatis mutandis in the event that a company licensed in accordance with the provisions of this law decides to terminate its activities.
  22. The Bank of Greece may, with its decision, suspend in accordance with the provisions of the present law the license granted to the companies of paragraph 1 (a) of this article, in cases where: a. considering the severity of the violations provided in paragraph 13 of the present article, it decides not to proceed to the revocation of the license; b. it finds violation of the provisions of the present law or of the decisions of the Bank of Greece. Provided that the Bank of Greece issues a decision ordering the suspension of the license to operate, it simultaneously proceeds to written recommendations to the company and sets a reasonable deadline for compliance, which may not exceed three (3) months from the notification date of the decision suspending the license. Within the above deadline, the Management Company informs the Bank of Greece regarding its compliance with the recommendations of the previous passage. During the suspension period, the Management Company may proceed to activities that are expressly allowed to it by the relevant decision of the Bank of Greece suspending the license to operate.
  23. If the Bank of Greece: a. finds that the company complied with the recommendations of the second passage of paragraph 11(b) of the present article, it revokes the act on the suspension of the license and informs the company in writing; b. finds that the company has not fully complied with the recommendations of the second passage of paragraph 11(b), either extends the period of suspension of the license and proceeds to new recommendations or triggers the license revocation procedure.
  24. a. The Bank of Greece may revoke the license granted pursuant to the provisions of this law, if the company:
  25. obtained the license based on false or misleading information or in any other way in violation of the provisions of articles 1 to 3, or with malice submitted, notified or otherwise made public in any way false or misleading information or false or misleading details or documents;
  26. does not satisfy anymore the conditions under which its license to operate has been granted;
  27. has committed violations of this law or of the decisions issued by the Bank of Greece or of those which are issued pursuant to the present law;
  28. is used as a means for money laundering from criminal activities or finances criminal activities;
  29. has committed another violation which is punishable by revocation of the license pursuant to the provisions of the applicable legislation;
  30. obstructs in any way the supervisory control of the Bank of Greece;
  31. violates provisions of the law or decisions of the Bank of Greece which concern the supervision or the way of operation of the Management Companies, provided that the efficient exercise of supervision is jeopardized;
  32. It does not comply systematically with the report of para. 2(h) of the present article. To ascertain this violation the Bank of Greece does not take into account the instructions or orders of the beneficiary of the claims towards the Management Company under supervision;
  33. It does not comply with the obligations of para. 1(c) of this article.
  34. Article 145 of l. 4261/2014 applies mutatis mutandis in the event of a revocation of a license granted, in accordance with the provisions of the present law, to a Company that obtains the licence of para. 20 of the present article.
  35. A company whose license is revoked remains under the supervision of the Bank of Greece until the completion of the implementation of the action plan for the termination of activities, which has been approved by the Bank of Greece.
  36. If a company of this law breaches the provisions of this paragraph, the Bank of Greece may, having previously summoned the company to a hearing, impose an administrative penalty which does not exceed the amount of three hundred thousand (300.000) Euros.
  37. The Bank of Greece supervises the activities of the companies is licensing with an aim of ensuring the financial stability of the country pursuant to article 55A of its bylaws (l. 3424/1927, A’ 298).
  38. a. Every company that is licensed by the Bank of Greece and manages loans and credit claims, shall maintain at all times a minimum fully paid-up share capital of an amount of one hundred thousand (100.000) Euros.
  39. The share capital of the above company is allowed to be reduced below the minimum amount provided at the previous passage, provided that there is an action plan for the termination of its activity approved by the Bank of Greece.
  40. If the Bank of Greece, during the exercise of its supervisory functions, considers with reason that any member of the governing body of the Company is unsuitable to act as member of a governing body, on the basis of the criteria determined by an Act of the Bank of Greece according to paragraph 23 of this article, may order in writing his replacement.
  41. a. Every company that has a valid license to operate pursuant to the provisions of this article, submits to the Bank of Greece a copy of the balance sheet, profit and loss account and any other information that the latter deems necessary for the purposes of exercising the prudential control and supervision applying the Acts of the Executive Committee of the Bank of Greece, 42/30.5.2014 (B’ 1582) and 47/9.2.2015 (B’ 249).
  42. The manner, frequency, submission dates and reports, as well as the type of the required information of point (a) of this paragraph are determined and specified by a decision of the Bank of Greece as well as any other information the latter deems necessary for the purposes of the exercise of the prudential control and supervision.
  43. The details of the Management Companies, that conclude contracts with the companies of para. 1(b), which shall be published periodically for transparency purposes may be determined by a decision of the Bank of Greece and the Capital Market Commission.
  44. Every company having a license to operate according to the provisions of the present article shall, upon a summoning by the Bank of Greece, allow to the employees of the Bank of Greece authorized for this purpose to enter into its buildings in order to investigate its work and activities and put at their disposal any books, documents or records, and/or communicate to the Bank of Greece any information the latter considers necessary for the exercise of its supervisory activities in accordance with the provisions of the present law, including information regarding assets and liabilities and particularly documents and records concerning the portfolio of the claims managed by it.
  45. Every company compensates the Bank of Greece for all expenses that are related to the exercise of its supervisory functions by paying to it an annual fee, the amount of which, the time and manner of payment will be determined by a decision of the Bank of Greece.
  46. The companies of para. 1(a) of the present article may obtain a license from the Bank of Greece, in order to grant new loans and/or credit to borrowers, whose loans or credit they manage with the sole purpose of refinancing their loans or the restructuring of the borrower company pursuant to a specific restructuring plan agreed between the parties subject to the prior consent of the beneficiary of the claim. The new loans and credit of the previous passage are considered bank loans and credit, are governed by Greek law and local Greek Courts have exclusive competence to hear disputes arising from the agreement. These new loans and credit will be burdened with the fee of article 1 of l. 128/1975 (A’ 178), for the payment of which the management companies of para. 1(a) are liable. The license of this paragraph will be granted under the following conditions:
  47. the company has already deposited in cash and in a bank account of a Greek credit institution in the case of companies of para. 1(a)(aa) of this article or in a bank account of any credit institution of a member state of the European Economic Area (EEA) in the case of companies of para. 1(a)(bb) of this article, the amount of four million five hundred thousand (4.500.000) Euros as minimum share capital.
  48. the company complies with the rules and decisions of the Bank of Greece in accordance with the provisions of para. 14 of this article. The above companies have the obligation to prepare their financial statements in accordance with the International Financial Reporting Standards, as these have been adopted by the European Union, pursuant to Regulation number 1606/2002 (EEL 243/2002) (IFRS – mandatory application IFRS) on the individual and consolidated financial statements and in accordance with l. 4308/2014 (A’251), as amended and in force from time to time.
  49. The professional secrecy of the beneficiary of the claims under management against the borrowers is lifted in its relation with the Management Company to the extent that such information is necessary for the needs of the management and paragraphs 20 and 21 of article 10 of l. 3156/2003 (A’ 157) are applied mutatis mutandis.
  50. The companies of para. 1 (a) of this article are considered lenders and suppliers in the meaning of l. 2251/1994 (A’ 191) and are obliged to comply with the applicable legislation on the Protection of the Consumer, as applicable and in force from time to time, with the Banking Code of Conduct (B’ 2289/2014), with the rules governing the granting of loans and credit applicable to credit institutions, including Directive no 2014/17, as well as with all the Bank of Greece decisions relevant to loans and credit granted by credit and financial institutions and to take special care for socially vulnerable groups.
  51. The criteria, conditions, references and all documents required for the granting of the license of paragraph 1 of this article are specified with a decision of the Bank of Greece.
  52. The decisions of the Bank of Greece issued pursuant to the present article are subject to a Writ of Annulment before the Council of State. The decisions of paragraph 13 (d), which are subject to an action (προσφυγή) before the Administrative Court of First Instance, are exempted.
  53. The companies of para. 1(a) are considered financial institutions, in the meaning of article 4 para. 3 of the l. 3691/2008 (A’ 166) and liable persons in the meaning of article 5 para. 1 of the same law and are supervised by the Bank of Greece in accordance with article 6 para. 2(A) of the same law. The information of article 13 para. 1(b) of l. 3691/2008 must be available to the borrower.

 

Article 2

 Agreements assigning the management

  1. The management of claims from loan agreements and/or credit agreements that have been granted or are granted by credit or financial institutions, excluding article 2(5)(d) of l. 4261/2014, may be assigned to the companies of article 1(1)(a) of this law.
  2. [NB: The validity of] the assignment agreement for the management of these claims is subject to a written form and includes, as a minimum content, the following:
  3. The claims to be managed and the possible stage of non-performance of each claim.
  4. The management acts, which may particularly consist of the legal and accounting monitoring, collection, conduct of negotiations with the debtors of the claims to be managed and the conclusion of settlement agreements in the meaning of articles 871-872 of the Civil Code (CC) or the arrangement and settlement of claims according to the Code of Conduct, as enacted by decision no. 116/25.08.2014 of the Credit and Insurance Committee of the Bank of Greece pursuant to article 1 para. 2 of l. 4224/2013.
  5. the management fee payable, which in any case cannot be passed on to the person liable for the payment of the claim.
  6. The minimum content of the management assignment agreement of the previous paragraph may be further specified with a decision of the Bank of Greece. Draft management assignment agreements are the object of supervision by the Bank of Greece for the purposes of conformity to this law.
  7. The Management Companies are entitled, as non-beneficiary parties, to exercise any action and proceed to any other judicial action for the collection of claims under management, as well as to commence, appear or participate to pre-insolvency rehabilitation procedures, insolvency procedures, debt settlement and special administration procedures of articles 61 et seq. of l. 4307/2014 (A’ 246). Provided that the Companies participate in any trial under the capacity of a non-beneficiary party res judicata also extends to the beneficiary of the claim.
  8. For the purposes of this law, the Management Companies may hire Debtor Informing Companies for non-performing obligations, which operate according to l. 3758/2009, or companies with a relevant scope that operate in a Member State of the EU or in a State of the EEA. According to the provision of article 1(22) of this law and without prejudice to the provisions of the present law, the Companies of the present law shall follow in the management of non-performing loans the provisions of l. 3758/2009. The provisions of articles 4, 5, 6 para. 2 and 3, 8 and 10 of L. 3758/2009 (A’ 68) also apply to the companies of article 1 para. 1(a) of the present article.

 

Article 3.

Sale and transfer of claims agreements from loans and credit agreements

  1. [NB: The validity of] the sale and transfer of claims agreement from loans and credit agreements, which have been granted by credit or financial institutions except for article 2 para. 5(d) of l. 4261/2014, is subject to written form and its object can be individual claims or groups of claims against any borrower, excluding in this case the application of article 479 CC. Other rights, even if they do not constitute derivative rights in the meaning of article 458 CC, can be transferred with them, provided that [NB: such rights] are connected with the transferring claims. The sale of the transferring claims is governed by the provisions of articles 513 et seq. CC, and the transfer by the provisions of articles 455 et seq. CC, provided that these provisions do not contradict the provisions of the present article.
  2. In order for the claims of the credit or financial institutions from non-performing loans to be offered for sale, [NB: it is] a necessary condition for the borrower and the guarantor to have been invited with an extrajudicial invitation within twelve (12) months prior to the offer, before or after the entry into force of this law, to arrange its obligations on the basis of a written offer for an appropriate arrangement with specific payment terms according also to the provision of the Code of Conduct (l. 4224/2013). Disputed or adjudicated claims as well as claims against non-cooperative debtors in the meaning of article 1 para. 2 of l. 4224/2013 as in force, are excluded from the above condition. Every new assignee of claims from nonperforming loans and credits of article 1 para. 1 is obligated to commence anew, through the contracting debt management company, the Arrears Resolution Process of the Code of Conduct as enacted by decision no. 116/25.08.2014 of the Credit and Insurance Committee of the Bank of Greece pursuant to article 1 para. 2 of l. 4224/2013.
  3. The sale and transfer of claims agreement is registered in the public record of article 3 of l. 2844/2000 (A’ 220). Any agreements between a transferor credit or financial institution and the borrowers on the non-assignability of their inter partes claims is not binding to the assignee. The transfer of the claims under sale of the transferor credit institution takes effect from the registration of the relevant agreement. The assignor is considered an agent for service of process of the assignee for any notification in relation to the transferred claim. As of the registration of the relevant agreement, the Management Companies of article 1 para. 1(a) of this law have to pay the fee of article 1 of l. 128/1975 (A’ 178), which burdens the transferring claims from loans and credit agreements, applying the provisions of the above law and the regulatory acts authorized by such [NB: law].
  4. The registration is announced to the debtors and guarantors by all appropriate means. No rights against third persons resulting from the transfer of claims of para. 1 are acquired prior to registration. Payment to the credit or financial institution prior the announcement releases the borrower against the assignor and those having rights from the application of the provisions of this law.
  5. Without prejudice to the provisions hereof, the fiduciary transfer of claims of credit or financial institution is not allowed and any fiduciary term is not valid. Adjusting or crediting the price of the sale and withdrawing from the sale agreement is allowed under the terms of the relevant agreement and the provisions of articles 513 et seq. CC.
  6. If the transferring claim of the credit or financial institution is secured by mortgage or prenotation of mortgage or pledge or any other derivative right or privilege, which has been subjected to publicity with registration to a public book or record, in order to note the change of the beneficiary it is necessary to register the certificate in the public book of article 3 of l. 2844/2000, and a relevant mention in summary of the charge in rem, derivative right or privilege. The results of articles 39 and 44 of the legislative decree 17.7/13.8.1923 take effect as of the registration of any pledge in relation to the transferring claims of the credit or financial institution.
  7. In the cases of sale and transfer of claims of this law, as well as in cases of the assignment of management, the substantive and procedural position of the debtor and the guarantor is not worsened and the unilateral amendment of any term of the agreement as well as of the interest rate is not allowed. In the event that a loan or credit claim is being transferred, for the service of which a variable interest rate has been agreed, the assignee is not allowed under any circumstances to determine a margin, in addition to the reference rate, higher than the one that the credit or financial institution has determined at the time of registration of the transfer, unless the terms, included or incorporated in the loan agreement, determines with preciseness specific and objective criteria for the alteration of the margin.
  8. The application of the present article is suspended as regards loan agreements and credit with a primary residence mortgage or prenotation of mortgage over a real estate with an objective value up to one hundred and forty thousand (140.000) Euros, until and [NB: including] the 31st December 2017.

 

Article 3A.

Tax and other provisions

[ARTICLE 3A OF THE LAW 4354/2015  WAS ADDED BY ARTICLE 70 PARA. 2 OF L. 4389/2016 (STATE GAZETTE A 94/27.05.2016)]

 

  1. The surplus value from the transfer of claims to a company of article 1 para. 1 (b) is subject to income tax on the basis of the general provisions of the Income Tax Code (l. 4172/2013, A΄ 167). The provisions of the previous passage also apply mutatis mutandis to the surplus value that the above companies acquire from the subsequent transfer of claims that they have acquired pursuant to the provisions of this law.
  2. The provisions of paragraph 6 of article 64 of l. 4172/2013 also apply mutatis mutandis to interest paid to companies of article 1 para. 1 (b) from claims they acquired pursuant to the provisions of this law, as well as from loans or credits that the companies of article 1 para. 1 (a) grant in accordance with the provisions of the present law.
  3. The VAT Code (l. 2859/2000, A΄ 248) provisions apply to the transfer of claims agreements of article 3, management assigning agreements of article 2 as well as to the servicing of claims in accordance to the provisions of the present law.
  4. Loan or credit agreements concluded by Debt Management Companies in accordance with article 1 para. 20, are exempted from stamp duties.
  5. Only a fixed duty of two thousand five hundred (2.500€) Euros is paid for every registration or recording of an agreement of article 3 (1) of this law in any public book or record kept at a Land Registry, a Pledge Registry or a Cadastral Office, excluding any other burden, fee or duty. The amount is analyzed as follows:
  6. a) In the case of remunerated land registrars, the amount of two thousand hundred twenty five (2.125) Euros is collected for the State and three hundred seventy five (375) Euros for the FFCB.
  7. b) In the case of unremunerated land registrars, an amount of one thousand seven hundred fifty (1.750) Euros is collected for the State, three hundred seventy five (375) Euros for the FFCB and three hundred seventy five (375) Euros for the unremunerated land registry. The duties collected by the land registries in accordance with the previous paragraph, are increasing during the transitory period of their operation as Cadastral Offices, by the amount of five hundred (500) Euros, which is paid to the National Cadastre & Mapping Agency S.A (NCMA. S.A). All the necessary details for the collection and payment of the above Duties from the Head of the Cadastral Office to NCMA. S.A are determined by a decision of the Minister of Environment and Energy, upon a proposal of NCMA. S.A. Only a fixed duty of twenty (20€) Euros is paid for every registration or recording or note in any public book or record kept at a Land Registry, a Pledge Registry or a Cadastral Office of the change of the beneficiary of the mortgage or the prenotation of mortgage or the pledge or of any other derivative right or lien with which the claims being transferred with the agreement of para. 1 article 3 are being secured, excluding any other burden, fee or duty. The above amount is analyzed as follows:
  8. a) In the case of remunerated land registrars, the amount of seventeen (17) Euros is collected for the State and three (3) Euros for the FFCB.
  9. b) In the case of unremunerated land registrars, an amount of fourteen (14) Euros is collected for the State, three (3) Euros for the FFCB and three (3) Euros for the unremunerated land registry. The registration cost resulting from the application of this paragraph cannot be passed in any way to the debtor and the guarantor of the loan.

 

Article 71.

Transitory provision

  1. The provisions of this subchapter are also applied to applications for the granting of licenses that have been submitted in accordance with the provisions of article 1 of l. 4354/2015 prior to its amendment by article 70 of this law. The Bank of Greece invites in writing the companies that have already submitted an application to conform to the provisions of this law with a reasonable deadline, which may not exceed two (2) months from the notification of the relevant invitation. After the lapse of the deadline of the previous passage, the deadlines of article 1 para. 4 of l. 4354/2015, as amended by article 70 of this law, commence anew.
  2. Regulatory acts issued by authorization of the provisions of articles 1 to 3 of l. 4354/2015, prior to their amendment by article 70 of this law, continue to be in force, provided that they are not contrary to the new amended provisions, until their express replacement or abolishment with newer acts.
  3. The provisions of article 3A of l. 4354/2015 apply to agreements concluded, income acquired and payments made after the publication of this law.