Article 12-1. The register of unscrupulous developers of the Law On equity participation in housing Construction

Home / Laws / Article 12-1. The register of unscrupulous developers of the Law On equity participation in housing Construction

1. In order to protect the rights and legitimate interests of citizens in the field of shared-equity construction, as well as to prevent the activities of unscrupulous developers, local executive authorities maintain a register of unscrupulous developers.

2. The grounds for inclusion in the register of unscrupulous developers are:

1) a judicial act that has entered into legal force on the demolition of an unauthorized multi-apartment residential building and (or) an individual residential building;

2) a judicial act that has entered into legal force in a fraud case in accordance with article 190 of the Criminal Code of the Republic of Kazakhstan.

3. Developers, whose information is entered in the register, are not allowed to attract funds from shareholders in accordance with the procedure established by this Law, for three years from the date of entry in the register.

4. The grounds for exclusion from the register of unscrupulous developers are:

1) expiration of the term established by this Law;

2) the existence of a judicial act that has entered into legal force to repeal the judicial act that served as the basis for inclusion in the register;

3) the existence of a judicial act that has entered into legal force appealing the decision and (or) actions of the local executive body on inclusion in the register.

5. The developer has the right to appeal the decision and (or) actions of the local executive body on inclusion in the register in court.

6. The procedure for organizing and maintaining the register, as well as the procedure for inclusion and exclusion from it, are regulated by a subordinate regulatory legal act approved by the authorized body.";

12) add paragraph 5 to article 13 as follows:

"5. The provisions of this article apply to agreements on shared participation in housing construction within the framework of renovation.

The Law of the Republic of Kazakhstan dated April 7, 2016 No. 486-V SAM.

This Law regulates public relations related to the activities of equity participation in the housing construction of multi-family residential buildings by attracting money from individuals and (or) legal entities, and also establishes guarantees for the protection of the rights and legitimate interests of the parties to the agreement on equity participation in housing construction.

President

Republic of Kazakhstan

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