Draft Law Establishing the Certificate of Real Estate Guarantee, CREG
Article 1:
By means of this law, the Certificate of Real Estate Guarantee, CREG, is created. This document of real estate guarantee duly registered, deposited in banks of the national financial system, in accordance to a Deposit Agreement, by a natural or legal person who owns a real estate supports future or determinable real estate guarantees of granted credits as provided by this law. This real estate guarantee is governed by this law and by the provisions of the Civil Code regarding mortgages when applicable. In particular, the CREG has the same privileges of a first rank mortgage since its registration before the Real Estate Registry. The CREG only guarantees the Depositary Bank’s debts before all its creditors. The CREG aims for the improvement of economic growth, the credit and the financial inclusion.
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The CHO Bill
Drafting and Signature
IMPACT STUDY
ECONOMIC EFFECTS OF CGI
The introduction of the CGI – Certificado de Garantía Inmobiliaria will have positive effects on the Paraguayan Economy. From a macroeconomic perspective, we can expect a sustainable growth in economic activity which would generate additional growth in GDP.
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