The most significant progresses in the lending markets in the Dominican Republic result from the enactment in 2011 of a new law aimed towards the Development of the Mortgage Market and Trusts in said jurisdiction, followed by the adoption of its rulings of enforcement by the Monetary Board and the Executive Branch of the Dominican Republic. The law incorporated to Dominican legislation the possibility of settling trusts, made significant improvements in the legislation and regulation on securitization of mortgage loans, allowed for the use of security or collateral agents, and simplified the process of foreclosure over conventional mortgages. This law also allowed for trusts to be used for security purposes by conveying collateral directly to the trustee as security of a financial obligation. More recently, the Dominican Republic has embarked on the process of adopting a new law on securities over personal property, in an attempt to creating uniform processes for the creation of securities over all type of personal property, providing better access to financial services, and allowing for alternative methods of enforcement of the collateral, in lieu of conventional judicially administered foreclosure proceedings.
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