18 June 2008, 16:50
To secure housing investors´ rights and enhance State control over the housing market, the Bill (Reg. No.2464) amends the following Laws: "On Investment Activity", "On Insurance", "On Financial and Credit Mechanisms and Property Management by Housing Construction and Operations with Real Estate", and "On Advertising".
Pursuant to the Bill, institutions that act as managers of housing financing funds can neither attract the sharers´ funds to invest into housing construction, nor fund construction of a relevant building until the development right is obtained.
Pursuant to the Bill, contract of insurance is an indispensable condition of agreement between a sharer and a developer.