Non - Banking Financial

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Mortgage Finance Grievances
Grievances filed against Administrative Decisions:
The Mortgage Finance Law promulgated by Law no. 148 of 2001 and Non-Banking Financial Markets and Instruments Law no.10 of 2009, as amended and their Executive Regulations, provided  different means to ensure that the clients in the field of mortgage finance can appeal the administrative decisions issued pursuant to the provisions of the Mortgage Finance Law and its Executive Regulations.
Grievances’ Committee shall be formed according to a Ministerial Decree issued by the competent Minister. The Committee shall be headed by one of the Vice-Presidents of the State Council, two members of the Council of State, an expert, and a representative of FRA assigned by the Head of the Committee.

Grievance Procedures
Grievances procedures shall be held pursuant to the Ministerial Decree no. 1756 of 2014 issued by the Chairman of the Council of Ministers regarding procedures set  for filing grievances against administrative decisions issued in accordance with  the provisions of the Mortgage  Finance Law and its Executive Regulations before the Grievance Committee stated  in Article (42) (a) of the Mortgage Finance Law. It is worth mentioning that grievances shall be submitted to the Committee after 15 days starting from the date of notifying the concerned party.

The decisions issued by the Authority regarding cancelling licences granted to mortgage finance or refinancing companies, as well as the decisions issued to delist real estate agents, real estate appraisers or mortgage brokers from FRA’s registry shall be submitted  to the competent department that is assigned to receive grievances in FRA , and  the grievance shall include the following data and documents:
The grievance shall be submitted to the competent department assigned to receive grievances in FRA and shall include the following data and documents:
1.  Grievant name, surname, occupation, and address.
2. Date of issuing the decision and the date of notifying the concerned party.
3. Grievance subject, reasons on which it is based and the supporting documents shall be attached to it.
4- A document shows that the set fees were paid.
5. Other documents requested by FRA’s Chairman.

Grievance fees shall be as follows:
• EGP 20,000 for mortgage or mortgage refinancing companies.
• EGP 10,000 for agents, real estate appraisal experts, and mortgage brokers.

The competent department shall receive these grievances and record them in the register on the day of receipt. It shall give the grievant a copy of his grievance affixed to the registration number and its date.
If the grievant is a company operating in mortgage finance or if the grievance was related to one of these companies, then a representative of the Egyptian Union for Real Estate Financing grievance may attend the sessions at the company’s request without having a single vote.

The Committee shall meet at one of FRA’s headquarters in accordance with the decision of the Chairman of the Committee. The meeting of the Committee shall be valid in the presence of the majority of its members, including the Chairman of the Committee or his representative. The decisions shall be issued according to the majority of the members.

The Committee may ask the concerned parties for any documents, data or clarifications as are necessary for the final determination of the grievance.

The Committee shall issue its decision within a period not exceeding thirty days from the date of submitting the documents, data or clarifications requested by it, as the case may be.
The Committee’s decision shall be final and enforceable.

The competent department shall notify the grievant with an accredited copy of the committees’ final decisions in a registered letter with acknowledgment of receipt within one week from the date of the committee’s decision.
FRA shall return the fees being paid by the grievant if the grievance is accepted in substance or if the  final decision cancelled FRA’s decision in accordance with Article 3 of this decision, that is within one week from the date of the Committee’s decision or FRA’s notification .

In all cases, if the decision was canceled, FRA shall bear the fees of the Grievances’ Committee according to what is set by FRA’s BoD in this regard.