Bill Type
Congress Name
Long Title
AN ACT ESTABLISHING THE PHILIPPINE REAL ESTATE BUYERS' PROTECTION DIVISION AT THE HOUSING AND LAND USE REGULATORY BOARD (HLURB), CREATING ITS POWERS AND FUNCTIONS AND APPROPRIATING FUNDS THEREFOR
Date filed
September 22, 2003
Scope
Legislative History
| House Bill/Resolution NO. House Bill No. 6431, 12th Congress of the Republic |
| FULL TITLE : AN ACT ESTABLISHING THE PHILIPPINE REAL ESTATE BUYERS' PROTECTION DIVISION AT THE HOUSING AND LAND USE REGULATORY BOARD (HLURB), CREATING ITS POWERS AND FUNCTIONS AND APPROPRIATING FUNDS THEREFOR |
| ABSTRACT : The bill seeks to establish the Philippine Real Estate Buyers' Insurance Division (Division) under the Housing and Land Use Regulatory Board. The Division shall have the power to compel the execution of an escrow agreement where all payments or reservation deposits made by purchasers before construction is completed shall be held in escrow to guarantee the immediate refund of said amount in case of failure to deliver by the builders and/or developers. |
| PRINCIPAL AUTHOR/S : MARCOS, IMEE R. |
| DATE FILED : 2003-09-22 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Codilla (019 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON HOUSING AND URBAN DEVELOPMENT ON 2003-10-06 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON GOVERNMENT REORGANIZATION |
Abstract
"The bill seeks to establish the Philippine Real Estate Buyers' Insurance Division (Division) under the Housing and Land Use Regulatory Board. The Division shall have the power to compel the execution of an escrow agreement where all payments or reservation deposits made by purchasers before construction is completed shall be held in escrow to guarantee the immediate refund of said amount in case of failure to deliver by the builders and/or developers."
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.