MEIC has unnecessarily delayed the issuance of the regulation on the Usury Law, complains Welmer Ramos

San José, Jul 24 (elmundo.cr) – The deputy of the Citizen Action Party, Welmer Ramos, denounced that “the Ministry of Economy, Industry and Commerce has unnecessarily delayed the issuance of regulations” on the application of the “Usury Law” .

This was announced by the legislator in a letter sent to the President of the Republic, the Minister of Economy, the Defender of the Inhabitants and the Minister of the Presidency.

Ramos highlighted “as he is aware, the Legislative Assembly approved Law 9859, Reform of the Law for the Promotion of Competition and Effective Defense of the Consumer, better known as the” Usury Law “, which received its sanction and entered into force since 20 June 2020 ″.

In view of this, he emphasized that “while the Central Bank of Costa Rica carried out for more than a year, the calculation for setting the limit rate above which is considered usurious credit; the Ministry of Economy, Industry and Commerce has unnecessarily delayed the issuance of the regulation, which has prolonged illegal practices of certain entities and thereby deepened the financial slavery in which thousands of citizens find themselves.

For Ramos “the regulation that must be simple and not exceed the prerogatives of the law; he has already been consulted twice and this deputy is concerned that his wording deviates from the scope and protection that the law grants to everyone. To illustrate with an example, in the second consultation opportunity the regulation included an article that aims to eliminate the benefit provided by the usury law to consumers, providing that “… the interest rate calculated by the Central Bank of Costa Rica will apply to contracts, businesses or transactions carried out, formalized or disbursed in the semester following its publication.”

Likewise, he asserted that “this type of writing promotes forced semantic analyzes, leaves a gate open so that those harmful practices that the law against credit usury wants to avoid go unpunished, since the two highlighted words change the original meaning of the law , which is that every transaction (which includes the payment of the loan installments) is applied the new rate that the BCCR sets every 6 months ».

«It is of the utmost urgency that the Executive Branch fulfill the task of issuing a simple regulation that does not annul or change the provisions of the law. In any case, the establishment and validity of interest ceilings is a task that the Central Bank has been carrying out without interruption, since its entry into force and such ceilings are applicable to all current contracts; It only remains for the MEIC to regulate the approval of contracts and ensure that the financial consumer is given complete, truthful and timely information. This task cannot be postponed any longer, “he concluded.

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