Trade and Commercial Law Assessment - Honduras - Economic ...

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TRADE AND COMMERCIAL LAW ASSESSMENT DECEMBER 2004 HONDURAS No. Type Recommendation Priority Duration 2. Institutional Reform the Real Property Registry to improve services, reduce costs, and increase High Near term strengthening confidence in information. Monitor and complement the World Bank project on integration of the cadastre data, the establishment of a unified national registry system and the establishment of the Instituto de Propiedad. 3. Judicial reform Reform the judicial system. Appoint judges in accordance with the Law on Judicial Career. Assess the current condition of the judges’ selection process Establish an independent body for administration of the judiciary. 4. Legal reform Draft a law on securitization of real estate rights Set up working groups on the law on securitization of real estate rights to build consensus. 5. Legal reform/ Reduce the housing deficit. Housing Asses the housing deficit Draft a specialized legal framework to offer incentives for building for lowincome dwellers. Draft a law on real estate brokers in order to increase performance and admissibility standards. Initiate negotiations for agreement with the United States relevant authorities whereby Honduran Real Estate Brokers should be authorized to promote their services in the United States only in connection with Honduran real estate. 6. Institutional strengthening Set framework for remittances investment in real estate: Coordination should be led by the Instituto de Propiedad Design a plan with technological support to banks and the stock market Begin a public educational campaign in Honduras and abroad about the opportunities available through the real estate electronic investment mechanism Institutional strengthening for the entities involved provided through management, information technology and financial training. Attachment 1, pg. 4 High Long term Medium Long term Medium Long term Low Long term
TRADE AND COMMERCIAL LAW ASSESSMENT DECEMBER 2004 HONDURAS COLLATERAL No. Type Recommendation Priority Duration 1. Legal reform A new law of secured transactions is needed, shaping the draft law of Garantías Reales Mobiliarias to make sure that it is consistent with all aspects of the OAS Model Law of Secured Transactions. This should include participation in an effort to regionalize key credit institutions, such as the commercial registry. High Long term 2. Legal reform As mentioned also in the Bankruptcy recommendations, enact a new law of Civil and Commercial Procedures, currently in draft form before the Supreme Court, that maintains and even improves current expeditious judicial enforcement of collateral guarantees. High Near term 3. Institutional reform COMMERCIAL DISPUTE RESOLUTION The courts and judicial system must undergo significant reforms in order to meet the demand of modern commercial transactions. High Long term No. Type Recommendation Priority Duration 1. Misconduct Investigate evidence of corruption among judges in order to ensure the integrity and High Long term Prevention functioning of the courts. Currently, public confidence in the courts is low. 2. Institutional Rev isit the process for selection of Supreme Court judges. While reform to the process High Near term reform was only recently passed, there are strong suspicions that they did not go far enough to remove, to the greatest extent possible, political influences on the selection process. If that has not been accomplished, judicial selection will remain questionable throughout the judicial system. Since the changes to the law were only recently passed, efforts in this regard in the near term may be more effective since interest is still high. 3. Institutional Promotion While a law on alternative dispute resolution (ADR) currently exists, it remains relatively unknown and grossly under used. A promotional campaign should be undertaken within the business community so that the efficacies of ADR could be better understood and accordingly employed to a greater extent. Attachment 1, pg. 5 High Long term
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