Podcast
Questions and Answers
What is the required action for Regulated Entities upon receiving full repayment of a loan?
What is the required action for Regulated Entities upon receiving full repayment of a loan?
Within what timeframe must Regulated Entities release original property documents after loan settlement?
Within what timeframe must Regulated Entities release original property documents after loan settlement?
Where can a borrower collect their original movable or immovable property documents?
Where can a borrower collect their original movable or immovable property documents?
Why is it important for Regulated Entities to follow the guidelines on releasing property documents?
Why is it important for Regulated Entities to follow the guidelines on releasing property documents?
Signup and view all the answers
What issue has been noted with regard to the release of movable and immovable property documents by Regulated Entities?
What issue has been noted with regard to the release of movable and immovable property documents by Regulated Entities?
Signup and view all the answers
What is the primary aim of the Directions issued to Regulated Entities?
What is the primary aim of the Directions issued to Regulated Entities?
Signup and view all the answers
Which of the following is NOT a part of the guidelines regarding property document release?
Which of the following is NOT a part of the guidelines regarding property document release?
Signup and view all the answers
Study Notes
Responsible Lending Conduct
- Regulated Entities (REs) are obligated to release all movable/immovable property documents after full repayment and closure of loan accounts.
- Previously, REs exhibited inconsistent practices in document release, generating customer complaints and disputes.
- To address these issues and promote responsible lending, new directions have been issued.
Release of Movable/Immovable Property Documents
- All original movable/immovable property documents must be released within 30 days after full repayment or settlement of the loan account.
- Charges registered with relevant registries must also be removed within this timeframe.
- Borrowers can choose to collect their documents from either the original loan servicing branch or any other RE office where the documents are stored.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on responsible lending practices regarding the release of property documents. Understand the obligations of regulated entities and the timeframe for document release after loan settlement. This quiz covers key guidelines that promote better lending conduct.
