Pressure to Pass Financial Leasing Law

In Guatemala, companies report to have lost several credit opportunities because the bill presented to Congress in 2015 has not yet been approved.

Friday, May 10, 2019

The bill that is being analyzed in Congress and is in third reading since May 2016, establishes the legal framework for entities such as banks and financial companies to include leasing in their product portfolios.

Three amendments have been made to this initiative, which includes the creation of real estate contracts, housing and housing with social interest.

See "Guatemala: Financial leasing law"

Elperiodico.com.gt reviews that "... So far the financial leasing is done in practice, however, does not have a legal framework that leads it to be a credit figure that becomes several legal loopholes. The advisor of the top office of the Ministry of Economy (Mineco), Carlos Ganddini, explained that because of the lack of agreements in the Legislative many small and medium enterprises (SMEs) have lost credit opportunity."

Acisclo Valladares Urruela said Prensalibre.com that "... the initiative is in Congress and has had approaches to promote the economic agenda for this year with several blocks. We urge the Legislative to advance in this legislation to contribute to economic growth as it is a tool to access financing."

See article in Elperiodico.com.gt "Leasing Law still not approved in Congress" and in Prensalibre.com "What is housing leasing, and why it is a viable option in Guatemala".

More on this topic

Discussion Resumes on Water Law in Guatemala

May 2017

Among the elements that the business sector proposes incorporating into the discussion on the water bill is respect for acquired rights.

The Coordinating Committee for Agricultural, Commercial, Industrial and Financial Associations, (CACIF) has asked Congress to be take them into account in the debate on the water law initiative, and raised a number of issues to be considered in the text-writing process.

New Law for Financial System in Guatemala

September 2016

Details of the draft law with which the Bank of Guatemala aims to improve regulation and supervision of the financial system.

From a statement issued by the Bank of Guatemala:

The bill submitted by the Monetary Board of the Executive Agency and by the President of the Republic to the Congress of the Republic on September 12 2016, introduces necessary reforms to Decree No. 19-2002, Law on Banks and Financial Groups, to modernize existing legislation and improve protection of depositors. The bill is based on the following aspects:   

Guatemala: Law on Financial Leasing

April 2016

A bill is being discussed in Congress which establishes a legal framework so that banks and financial institutions can include leasing in their product portfolios.

From a statement issued by the Congress of Guatemala:

Members of the Legislative Commission on Economy and Foreign Trade, chaired by Deputy Aristides Crespo Villegas, met today with the goal of favorably ruling on bill 4896, which includes providing legal certainty and regulating leasing activities in the country, known as the "Leasing Act".

Transparency Laws sent to Guatemala’s Congress

March 2012

Otto Pérez's government is putting the finishing touches on seven legislative proposals that should be ready to be introduced this week.

The bills seek to strengthen the fight against corruption and make certain processes more transparent.

An original initiative is the proposed Trust Law, Enrichment and Public Expenditure Review, as reported on Elperiodico.com.gt.

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