After its ratification in El Salvador, the Regional Mortgage treaty still needs to be approved in one more country to come into force.
Salvadoran entrepreneurs welcomed the legislative ratification of the Treaty on Free Movement of Goods and Services, known as the ‘hipoteca centroamericana’ or Central American mortgage.
In order for the agreement to become effective, it requires ratification by three states."In 2010 Guatemala did so, this Thursday just past, it was El Salvador, and it is expected that soon Honduras or Costa Rica will also endorse the document. In Costa Rica they have already introduced a bill in the National Assembly for ratification," reported Elmundo.com.sv.
The Legislative has ratified a Treaty for the Establishment and Implementation of Central American Mortgages signed between Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and the Dominican Republic.
From a press release from the Legislative Assembly of El Salvador:
The Legislative Assembly has ratified with 71 votes, the Treaty for the Establishment and Implementation of Central American Mortgages signed between the Republics of Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and the Dominican Republic.
Lawyers from the region met in El Salvador to make progress in the projects entitled 'Central American Mortgage' and 'Dual Nationality'.
The project 'Central American Mortgage' is an agreement that aims to provide mortgage loans in each of the member nations, using property in other countries, who are also part of the treaty, as collateral.
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