Govt. Updates Procedures for Electronic Mortgage Services

The Minister of Agrarian Affairs and Spatial Planning/Head of the National Land Agency (“Minister”) recently issued Regulation No. 5 of 2020 on Electronic Mortgage Services (“Regulation 5/2020”) with the goal of setting out a more comprehensive regulatory framework for the organization of electronically integrated mortgage (Hak Tanggungan Elektronik – “HT-el”) services. In order to realize this objective, Regulation 5/2020 updates the entire HT-el framework, which was previously addressed under the identically-titled Regulation of the Minister No. 9 of 2019 (“Previous Regulation”).[1]