Costa Rica: Time for Secured Transactions

Starting from May 15 organizations can use inventories, cash flows, patents and other things as collateral for bank loans.

Tuesday, May 12, 2015

The regulations for the Law on Secured Transactions are now ready and the law will take effect on May 15, and from that date, companies will be able to put up crops, agricultural machinery, copyrights, among other things, as collateral for the purpose of obtaining bank loans. reports that "... On May 20 also coming into operation is the Information System for Collateral, which will be attached to the National Register. In this, registration will be made of security interests, as a result of the obligations established between financial institutions or creditors and the debtors. Mauricio Soley, director of Personal Property at the National Registry, explained that it is an independent system which is not part of the record of personal property, but that will be the responsibility of that department. "

"... The cost of registering these guarantees will be lower than it is at present. This amount will be defined today by the Administrative Board of the National Registry, based on a cost study. 'Today, if you request a loan on an asset, the duties that are charged on the loan are closely related to the amount borrowed, in the form that it is staggered. With the system of security guarantees the cost or rate will be fixed and will be roughly the same as the international level of $15 to $20 '. "

More on this topic

Costa Rica: Deadline Expires for Movable Goods

June 2015

August 20 is the deadline for transferring registered items in the current registry, to the new system established by the Law on Secured Transactions.

When less than two months remaining before the deadline stipulated to complete the transfers, currently only 150 items have been transferred to the new registration, out of an estimated 45,000 valid entries.

Implementation of Secured Transactions in El Salvador

May 2014

In order for the Law on Secured Transactions to be put into effect in practice, the Secured Transactions Registry together with its regulations needs to be implemented.

The new Registry will be part of the National Registry Center (CNR), it will be public and will operate as an electronic platform, a system that facilitates the registration of garments and filling out forms so that secured debtors can have a personal account.

Honduras: Personal Guarantee Law

July 2010

The new law will allow lenders to accept personal property as a guarantee for loans.

The head of the Honduran Association of Banking Institutions (AHIBA), María Lidia Solano, told that, "movable guarantees are an instrument that can be used to give small and medium sized producers access to credit".

Honduras: Movables Guarantees Law

September 2009

A law project will enable creditors to accept movables as collateral for loans.

Juan José Lagos, micro-credit expert, explained that machinery, work accessories, accounts receivable and intellectual property could be used as collateral when soliciting credit.

Lagos also said: "The law will ease the guarantee problem for people, as currently creditors only accept real estate, like houses and lots, as collateral".

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