Parliament approved the amended version of the National Building Societies (NOK) legislation, which was returned last week to lawmakers for review by President János Áder.
Two weeks ago, lawmakers approved the bill on the establishmnent of he National Building Societies (NBS) and an expedited procedure.
President János Áder returned the bill saying the law requires the establishment of a transparent organization that can provide appropriate guarantees to those participating in the process, with strict oversight of its operation. The basic pillars of the legislation were left unchanged.
Under the law, members of home building societies would make regular Contributions to the organisation, and also receive a 30% match from the central budget up to 25,000 forints a month. After saving enough to make a 20% down payment, members would be selected through a bidding process, or based on the size of their contributions, or a lottery, if contributions match, to get an interestfree home loan. Building socities must have a share capital of least HUF 100 million and operate with 150 members at maximum.
