Lebanon Businessnews News
 

Deadline passed to reject rental law
Legislation now law. Application decrees to follow
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The new rental legislation, approved by the Parliament on April 1st, has now become a law. More than a month has passed since it was referred to the President, who had a month to sign or return it. Since he has done neither, according to the constitution, it can no longer be rejected.

The law should be published in the Official Gazette in its next weekly issue, at such time it becomes enforceable, “There is an additional 15 days to present an appeal,” said attorney Charbel Cherfane.

“A ministerial committee will be formed to formulate the law’s applicatory decrees to be completed within six months,” he said. The committee will probably be composed of the Ministries of Justice, Social Affairs, and Finance.

The decrees must include the naming of a commission in each governorate to appraise the ‘fair’ value of residential units, and to resolve disagreements between landlords and tenants. The new law has determined rents on pre 1992 rents to be five percent of the apartment value.

Another decree is needed to establish a State fund offering financial assistance to low-income tenants, and its mechanism.
Reported by Yassmine Alieh
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Date Posted: May 08, 2014