Chamber of Deputies approves bill suspending loan collection

By a large majority this Thursday the Chamber of Deputies approved the bill that suspends the collection of various types of loan installments due to the health emergency, while the constitutional state of emergency of catastrophe lasts. In this way, the consolidated motions were now referred to the Senate for its second constitutional process.

Specifically, the vote resulted in 109 votes in favor, 6 against and 24 abstentions. The standard is aimed at individuals and SMEs, who are given the right totender the suspension of payment of six installments of credits of any nature, subscribed with institutions with access to the Central Bank’s liquidity facility and for the amount granted by it.

In the session, the parliamentarians approved the second report of the Economic Commission, which rejected the substitute indication proposed by the government that sought to limit this benefit of suspension only of mortgage loan installments.

Likewise, the room voted against an indication of the Finance Commission, which eliminated the possibility of availing themselves of this benefit to people who have contracted financing credits to study higher education administered by the Production Development Corporation.

On this point, the deputy Sofía Cid (RN) requested constitutionality reservation, as this matter corresponds, in her opinion, to an exclusive attribution of the Executive.

To request to suspend payment for six months, the credit operation cannot be in default prior to October 18, 2019.

Likewise, it is established that the agreed installments must be paid at the end of the debt, in the same number of installments, readjusted to the interest rate previously agreed on the loan. The text indicates that no charge may be made for late payment, fine or any other type of additional charge.