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    16-Apr-2018

MPs pass provision banning mortgage of movable possessions as collateral in return of loan

 

Raed Omari, The Jordan Times

 

AMMAN — The Lower House on Sunday passed a provision in the draft movable property security rights law banning the mortgage of one's movable possession as collateral in return of a loan.
 
Under MPs' amendments, lenders cannot use one's personal belongings, household items and entire salary to lenders to create a charge on movable assets. 
 
As per deputies' amendments to article 5 of the draft movable property security rights law, neither a bank-owned movable properties nor concessions or licences granted by the state can be put under charge.
 
The said article also prohibits borrowers' mortgage of salaries, compensations, payments and alimonies as collateral against a business loan in case of a pledge or hypothecation.
 
The House Legal Committee on Sunday endorsed the 2018 amendments to the Chamber's bylaws under which the term of the permanent office is extended to two years instead of one.
 
Under the 2016 Constitutional amendments, the term of the House Speaker was extended to two years instead of one, and they can be elected for another two-year term.
 
The number of the House's permanent committees is reduced to 15 up from 20. The financial committee will be merged with the economic and investments committee, and the education and culture committee and the youth and sports committee will be also merged in one committee.
 
 

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