FAQ

Bill means a security or a document, by which the person drawing it assumes an unconditional obligation to pay the amount specified in the bill in person or binds another person to pay it. A bill may be a bill of exchange (draft) or a promissory note. A drawer of a bill of exchange requires another person to pay the amount specified in the bill to a person specified in the bill. A maker of a promissory note undertakes an obligation to pay the amount specified in the promissory note.

For more details, see the Law of Georgia on Bills,.

Mortgage loan is a loan secured by real property, that may be issued by both individuals and legal entities, including the bank. The mortgage agreement is made in writing and registered in the public register.
Priority is of great importance when registering a mortgage. The claim of a first-priority mortgagee takes precedence over the claims or all subsequent mortgagees.

In order to get a mortgage loan and enter into a relevant agreement, it is necessary to pay attention to whether the property to be encumbered with a transitional right has a mortgagee of other priority.

For this:

• Apply to the Public Register;
• Request a Public Register extract on the legal status of the property;
• Update the extract from the Public Register by yourself and insure yourself against possible complications;
• If the extract from the Public Register is submitted by the property owner, pay attention to the date of its issuance;
• Check the mortgaged property by yourself. Make sure it really matches the information provided by the owner. What problems might you face if a property to be encumbered with a transitional right has several previous priority mortgagees?

If you issue a mortgage loan and sign a contract, and the property that wa encumbered with the transitional right had 2 previous priority mortgagees, and at the same time, if the debtor avoids repaying the debt and the second-priority mortgagee
applies to the Enforcement Bureau to collect the debt, you may lose the right to the
mortgaged property and a chance of debt repayment.

Note:
If a second-priority mortgagee applied to the National Bureau of Enforcement to start enforcement proceedings and the National Bureau of Enforcement sold the mortgaged property through a compulsory auction:

A microfinance organization is a financial institution that, unlike banks, enjoys an easier supervision regime that allows relatively small and short-term loans to be issued quickly and efficiently.

According to the Law of Georgia on Microfinance Organizations, a microfinance organisation is a legal entity founded in the organisational and legal form of a limited liability or a joint-stock company, which, on the basis of its own application, is registered by the National Bankof Georgia, and which performs activities established by this Law under the supervision of the National Bank of Georgia.In order to obtain the status of a microfinance organization and to carry out relevant activities, a legal entity must be registered with the National Bank of Georgia, which verifies compliance by the microfinance organization with the relevant regulations and requirements.

For more details, see the Law of Georgia on Microfinance Organization.

If you issue a mortgage loan and sign a contract, and the property that was encumbered with the transitional right had 2 previous priority mortgagees, and at the same time, if the debtor avoids repaying the debt and the second-priority mortgagee applies to the Enforcement Bureau to collect the debt, you may lose the right to the mortgaged property and a chance of debt repayment.

Note:
If a second-priority mortgagee applied to the National Bureau of Enforcement to start enforcement proceedings and the National Bureau of Enforcement sold the mortgaged property through a compulsory auction.

When making payments on Rico Credit loans, it is necessary to know the assignment of the following buttons:

• Interest payment-deferral
• Loan reduction
• Full repayment of the loan

Interest payment-deferral

If you select the “Interest payment-deferral” button, the amount of interest accrued on the loan
will be paid through the Pay Box and the payment of loan will be deferred for the period stipulated in the agreement, the principal amount of the loan will be reduced by the excess amount.

Loan reduction

If you select the “Loan Reduction” button, the principal amount of the loan will be reduced
through the Pay Box. Full repayment of the loan: If you select the “Full repayment of the loan” button, the current loan will be fully repaid through the Pay Box. The maximum one-time payable amount is 1499.00 GEL. In case the loan amount
exceeds 1499.00 GEL, please use the “Loan Reduction” button. When using the Pay Boxes , taking into account the existing technical capabilities, the machine will not return the change. To return the change, contact our cash desks .