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EXCERPTS OF THE « LOI HOGUET »
Law No. 70-9, 2 January 1970 regulating the conditions for conducting activities relating to certain transactions involving buildings and fund trade
Article 3
The activities referred to Article 1, may be exercised only by persons or entities who hold a professional card issued by the prefect, indicating those transactions that they can accomplish.
This card can be issued only to individuals who meet the following conditions:
1° Justify their professional competence;
2° Justify a financial guarantee for the repayment of funds or securities deposited effects and specially assigned to the latter;
3° Collapse insurance against the financial consequences of their professional liability;
4° Do not be hit with a disability or bans exercise defined in Title II below.
The guarantee referred to 2 ° above results from a written undertaking provided by an insurance company specially approved by a credit institution or an institution referred to in Article L. 518-1 of the Monetary and Financial Code.
The procedures for determining the amount of the guarantee are set by decree of the Council of State.
The card is issued to legal persons only if those persons meet the conditions set out in 2 and 3 ° above and that if their legal representatives and meet the statutory conditions laid down in 1 and 4 ° above.
It should be a prior declaration of activity for each institution, branch, agency or office by the person who provides overall direction. This person must also meet the conditions laid down by 1 and 4 ° above.
Article 4
• Any person authorized by a cardholder professional to negotiate, mingle or undertake on behalf of the latter justifies its quality and scope of its powers under the conditions set by decree of the Council of State. The provisions of Title II of this Act apply to it.
The dispositions of chapter IV, Title III, Book I of the Commercial Code shall apply to the persons referred to in the first paragraph when they are not employed. However, such persons can not receive or possess large sums of money, goods, effects or values or dispose at the activities referred to in Article 1 of this Act. They can not give legal advice or preparing acts in private, except mandates concluded for the benefit of the cardholder professional referred to in Article 3.
Those of them who are already their activity as non-employee at the date of entry into force of Act No. 2006-872 of 13 July 2006 national commitment to housing must register as agents within nine months from that date.
Article 5
• The persons referred in Article 1 who receive, hold large sums of money, goods, effects or values, or have, in any capacity and in any manner whatsoever, in connection with the transactions specified that article, must meet the conditions set by decree of the Council of State, including the formalities required records and issuing receipts, and other obligations under the mandate. |
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