Experts Consider that the New Mortgage Credit Law Enhances Legal Security

The event revealed the updates that will come into effect with the implementation of this new law next June.

Experts from the regulatory and financial sectors presented the legal and operational effects that this law will entail and the expansion of legal security it will bring.

The Banking Association CECA, in collaboration with KPMG Abogados, held an event today to analyze the updates of the Mortgage Credit Law.

The session, attended by more than 150 professionals from the sector, took place in the auditorium of CECA and brought together representatives from institutions such as the Secretary of State for Economy and Business, the General Secretariat of the Treasury, the Bank of Spain, the General Council of Notariat, and the College of Property Registrars, among others.

Additionally, financial entities such as Bankia, Abanca, Unicaja, Caixabank, Kutxabank, Ibercaja, Liberbank, and Cecabank contributed their insights, along with legal contributions from KPMG Abogados. Together, they unveiled the most significant changes that the sector will have to face.

During the event, both the major legal issues raised by the new regulation and the practical aspects of its effective implementation were discussed. Thus, the session was organized into three round tables where topics related to the strategic, legal, and operational vision of this new law were presented and debated.

Among the main conclusions of the event, it is worth noting that experts considered that the new Mortgage Credit Law, which will come into effect next June, will enhance legal security. This aspect was highlighted by several speakers as essential for the sound development of real estate activity in our country. Furthermore, it was emphasized that the ten groups associated with CECA currently represent 47% of mortgage financing in Spain.

For her part, Ana de la Cueva, Secretary of State for Economy and Business, pointed out that the new Law achieves two fundamental objectives: “It enhances customer protection by promoting specific measures aimed at improving the consumer’s situation and guaranteeing their rights and establishes a framework of action that provides legal security to operators.”