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LEGAL News Spain in the spotlight


The country introduces new mortgage laws and a long-anticipated residency visa. Elsewhere, Serbia’s flip-flopping; and Mexico is becoming more accessible...


What’s it about?


Lawyers and accountants around the world tell us about new developments in the law. If you know of any interesting changes to the law or taxation in the country where you live or do business, contact john.howell@opp-connect.com.


More updates are available in our news section at www.opp-connect.com


NEW SPANISH MORTGAGE LAWS TAKE EFFECT


separately from the mortgage deed a document acknowledging they are aware of the risks they take when signing the mortgage. [Reported by Cesar Garzon, Spanish Lawyer – Email: c.garzon@ spanishlawconsultants.com]


BRAZILIAN GOVERNMENT HAS SPECIAL FUNDING FOR SMALL ENTERPRISES


The new Spanish Law on Protection of Mortgaged Debtors will become eff ective in June 2013. Among the main points are that it gives more power to Notaries to prevent abusive clauses; the term of the mortgage is limited to 30 years compared to the existing 40 years; evictions will stop over the next two years. Judges will be allowed to declare improper foreclosures; the debtor may ask directly for independent valuations; the maximum amount lent will not exceed 80% of the value of the property; when the property is repossessed it allows the debtor to sale privately and independently from the court; the property interests for default are limited to three times the legal interest rate; and debtors will have to sign


Brazil’s government has introduced credit facilities to stimulate the creation, sustainability and development of micro and small enterprises. The resources can be used for: fi nancing investments, exports and imports of goods, franchises start up, capital and services and others. Individuals such as micro-entrepreneurs, as well as independent professionals and artisans, can also request specifi c credit lines like the Employment and Income Generation Program (Proger), a


Maximum lent amount limited


Constitutional fund and lines of credit recently released for the individual entrepreneur. Preferential treatment when granting loans are given to micro and small entrepreneurs as determined by complementary law No. 123/06, especially on products and services provided by public banks such as Banco do Brasil, Caixa Economic a Federal, Banco do Nordeste, Banco da Amazônia and BNDES. [Reported by Daniela Antunes at Maxwell Alves Solicitors – Email: daniela@maxwellalves.com]


FRANCE: LIMITATION PERIOD TO ISSUE LEGAL PROCEEDINGS


Law no. 2008-561 of 17 June 2008 on the reform of the prescription in civil matters has reduced the limitation period to issue legal proceedings from 30 years to 5


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