In Panama, the Assembly approved in third debate a bill that seeks to force banks to consolidate customers' debts, regardless of their credit history.
Thursday, April 30, 2020
According to Article 4 of the approved law, "... all credit obligations that the debtor has, regardless of the risk category or default status that these obligations register in the credit history of the interested party, are subject to debt consolidation."
A statement from the Assembly says that "... The deputy Marilyn Vallarino, proponent, stressed before the plenary that support is sought for the consolidation of debts through a mechanism of inclusion in a single letter and that the citizen has oxygen in their finances that are distributed in various payments to banking institutions."
The document dated April 29th adds that "... Bill 234 was approved by the plenary and is based on a programme that adopts measures to provide financial relief to citizens who have commitments to banking institutions."
According to the interactive report prepared by CentralAmericaData, it is predicted that the impact of the covid-19 crisis on the financial sector in Central America will be felt mainly in services related to stock brokerage and investment advice, where a fall is expected.
Consult the post-covid19 projections for the country of your interest in the interactive report "Information System: Covid-19 and Business Outlook." Ask for access here.
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The National Assembly of Panama approved in third debate a bill that regulates the service of information on the credit history of consumers.
The legislative plenary approved in third debate initiative 424, which modifies Law 24 of 2002 related to this registration system in the Panamanian Credit Association (APC), in order to create a data model or credit information that is fair and balanced between financial agents and credit clients, the Assembly informed.
In the Honduran Congress there is a bill that seeks to prohibit banks and finance companies from capitalizing interest on payments not made from March 2020 to December 2021, a measure that worries the sector.
The initiative was sent by the Executive to the National Congress months ago.
In the third debate, the National Assembly approved a bill that grants debtors a 90-day extension of time for payment of credits granted by banking, cooperative and financial institutions.
According to the law that must be sanctioned or banned by President Cortizo, once the term of the moratorium set forth in this law has expired, creditors, in common agreement with the debtor, must agree on the conditions for the unpaid debt to be prorated, to be paid within 24 months.
In El Salvador, banks will not be able to charge any kind of penalty to clients who, due to the crisis of the covid-19, fail to pay their credit quotas.
They were approved "Temporary Technical Norms to Face Noncompliance’s and Contractual Obligations" derived from the emergency were approved, which will avoid that, during the validity of the emergency, the credit risk category of Salvadorans is affected, therefore, no penalty will be charged for non payment. With these rules will also allow the granting of credits, consolidation, restructuring and refinancing of debts in favorable conditions for those affected by the COVID-19 pandemic, reported the Central Reserve Bank (BCR).
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