ESTABLISHES RULES ON HOUSING DEBTS Having present that the National Congress has given its approval to the following Bill: " Article 1 °.-The President of the Republic shall be empowered to, within the period of ninety days and with the end of the to grant the credit referred to in the third subparagraph, dictate one or more decrees with force of law that establish the way in which the housing debts may be served for the acquisition or construction of a housing currently in force that comply with at least the following conditions: (a) the original credit has not exceeded 1,200 Promotion Units; (b) that the property valuation has not been greater than 2,000 Units of Promotion to the date of granting of the original credit; (c) the debtor is in arrears; the application for the procedure applicable to its debt has been notified before 30 June 1990; (d) the debtor has been given a situation of deterioration or deprivation of his income which has prevented him from paying with 25% of the the corresponding dividend or that the mortgaged property has decreased its value to less than the balance of the debt. Such situations shall be considered jointly or separately to give rise to the benefit of the benefits to be established, and (e) to be the only property for housing held by the debtor. The provisions to be laid down by the President of the Republic in the exercise of the powers of the first subparagraph shall apply to the agreements concluded or concluded by the banks or financial companies with their debtors as soon as they have the right to consent of the parties and comply with the conditions that the Decrees with Force of Law establish. The President of the Republic may provide that the Fiscus shall grant a credit for the only case of debtors who have suffered a decrease in their income, which may be conditional on the banks or financial corporations condoning or punishing them. obligations of those same debtors. The President shall lay down the conditions under which the credit shall be granted, the manner in which the debtor is to be served and the obligations which the creditor financial institution will have for these purposes. The President of the Republic may establish the executive title character of the documents issued or awarded between the bank or financial company and the debtors in the reprogramming that are agreed upon, determining the manner in which the Fiscus with charge of the guarantees constituted and grant tax exemption to the above acts. The expenditure that means the application of the decrees with force of law that are dictated by virtue of this article, will not exceed the equivalent of 1,850,000 Units of Promotion, with charge to the resources that will have to be consulted annually the respective Law of the budget. Article 2.-The housing debtors referred to in the preceding article shall prove the deterioration of their income in the following manner: (a) If the rebate requested does not exceed 25% of each dividend, with simple affidavit, and (b) If the rebate is greater, with a certificate from the employer or his last employer, if he is unemployed, or in the case of a person carrying accounting, with his books, or, if he is not obliged to carry it, with a statement provided under oath and an additional statement of two witnesses at least, statements to be provided to the notary. The falsehood incurred by the debtor in the declaration referred to in point (a) shall be punishable by a lesser sentence in its minimum grades in the middle. The falsehood in the certification of an employer, in the declaration of a witness, in the affidavit of a debtor or in that in which he incurs in his books of accounts, in the cases referred to in point (b), shall be sanctioned with prison less in their mid-to-maximum degrees. " And because I have had to approve and sanction it; therefore, promulgate and take effect as the Law of the Republic. Santiago, October 18, 1990.-PATRICIO AYLWIN AZOCAR, President of the Republic.-Alejandro Foxley Rioseco, Minister of Finance. What I transcribe to you for your knowledge.-Salute to you-Pablo Pinera Echenique, Undersecretary of Finance.