חוק הבנקאות (שירות ללקוח) (תיקון מס' 30), התשע"ט-2018Law on Banking (Service to Customer) (Amendment No. 30), 2018 · automatic translation · suggest a correction

Official summary of the law (Knesset)

Amendment No. 30 to the Banking Law (Customer Service), 1981 determines that before concluding a housing loan agreement for the purchase of a single apartment, the loan provider must notify the customer that he may choose a track that allows him to defer the monthly repayment date of the loan in the following cases: the customer is unemployed; the customer has fallen ill or been injured and is unfit to work for more than 3 consecutive months; the customer has given birth, is not working, and 6 months have not yet passed since the date of birth. This is meant to ease the burden on the customer when he encounters temporary financial distress in the situations stated in the amendment. A customer who chooses this track will be able to defer the loan repayment date by up to 3 months, once a year and no more than 3 times during the loan period. The amendment further determines that the loan provider must give the customer a written explanation, before concluding the loan agreement, of the conditions for deferring the repayment date as stated, including the costs involved in including the deferral option in the agreement, as well as the costs involved in actually exercising the deferral option. The provisions of the amendment may not be stipulated against except in favor of the customer. The provisions apply to all mortgage providers in the economy, such as banking corporations, insurance companies, and non-banking entities that provide housing loans.

automatic translation · suggest a correction

Sponsors

Roy Folkman, Merav Ben Ari, Mordhay Yogev, Yaakov Asher